On June 4, 2024, African Export-Import Bank (Afreximbank or the Bank) (www.Afreximbank.com) entered into a Cooperation Agreement with the Africa Centres for Disease Control and Prevention (Africa CDC) to leverage their strengths in boosting health systems across Africa and improving the livelihoods of African citizens. This milestone agreement underscores the commitment of both institutions to enhance regional vaccine research, development, and sustainable manufacturing capabilities.
The agreement will see Afreximbank and Africa CDC collaborate on various strategic initiatives, including the operationalization of the Africa Pooled Procurement Mechanism (APPM) in close cooperation with UNECA. They will develop and implement priority initiatives to advance Africa’s unique healthcare manufacturing sector and promote innovative financing mechanisms to support health research and development initiatives in African countries. Both institutions aim to leverage gains made in implementing the African Continental Free Trade Agreement (AfCFTA).
Recognizing the critical role of Africa CDC in ensuring African health security, Afreximbank will support Africa CDC in achieving financial sustainability. In line with the African Union’s ambition under the ‘New Public Health Order’ (http://apo-opa.co/3xmkL2I) to produce 60% of the continent’s vaccine needs in Africa by 2040, up from less than 1% today, with interim goals of 10% by 2025 and 30% by 2030; the expanded partnership will also focus on local manufacturing across all aspects, including financing, market shaping, technology transfers, and talent development.
Speaking at the signing ceremony, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said: “Our collaboration with Africa CDC began with the arrival of the Covid-19 pandemic, and in a short span of time, we have achieved significant progress. Formalizing our collaboration is therefore a natural step to join forces towards the attainment of the socio-economic development of Africa.”
Commenting on the signing of the Agreement, Dr. Jean Kaseya, Director General of Africa CDC, said: “Ensuring Africa’s health security depends on our capacity to produce essential health products within our continent. Pillar 2 of the new public health order—Expanded Manufacturing of Vaccines, Diagnostics, and Therapeutics—emphasizes the importance of democratizing access to vital medicines and equipment.”
Distributed by APO Group on behalf of Afreximbank.
Media Contacts:
For Africa CDC
Margaret Edwin,
Director of Communication&Public Information Division: Africa CDC
Tel: +251 986 632 878
Email: EdwinM@africacdc.org
For Afreximbank
Vincent Musumba
Manager,
Communications and Events (Media Relations)
Email: press@afreximbank.com
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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance, facilitate and promote intra and extra-African trade. For over 30 years, the Bank has been deploying innovative instruments to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the AfCFTA, Afreximbank has in partnership with the African Union Commission and AFCFTA Secretariat launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the Free Trade Agreement. The AFCFTA Secretariat and the Bank have created a USD 10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA.
At the end of September 2023, Afreximbank’s total assets and guarantees stood at USD 37 billion, and its shareholder funds amounted to USD 6.5 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).
For more information, visit: www.Afreximbank.com
About Africa CDC:
About Africa CDC: The Africa Centres for Disease Control and Prevention (Africa CDC) is a continental autonomous public health agency of the African Union that supports member states in their efforts to strengthen health systems and improve surveillance, emergency response, and prevention and control of diseases. Learn more at: http://apo-opa.co/4ewIbTC