Release date: 10 January 2024
Promoter – Financial Intermediary
AFRICAN EXPORT-IMPORT BANKLocation
Description
The framework loan will support private and public entities in Africa developing and producing medical goods and pharmaceuticals (excluding vaccines) at acceptable internationally recognised standards in terms of quality, safety and efficacy.
Additionality and Impact
The proposed operation is a framework loan providing direct or through Financial Intermediaries, financing to SMEs manufacturing essential medicines and pharmaceuticals or to selected health care infrastructures in different African countries. The project is enabling access to safe, affordable and effective pharmaceutical treatments and essential health services to the underserved populations. Hence, project is expected to enhance inclusive growth and sustainable economic development in Africa and will leverage on the EU's external action, the Neighbourhood, Development and International Cooperation Instrument (NDICI Global Europe) and its Investment Framework. Likewise, the operation is in line with the EU's response Team Europe to the COVID-19 pandemic that aims at supporting partner countries in the fight against the pandemic's social and economic consequences. The proposed operation would address the priorities of the EU Sub-Saharan Africa Multi-Annual Indicative Programme 2021-2027, which among others call for deploying the EU Global Gateway strategy in Africa by strengthening economic integration at regional and continental levels. The project is expected to advance several SDGs.
This first EIB-intermediary loan in the life sciences and healthcare sectors in Africa, shall contribute to Afreximbank's diversification of funding sources and maturity profiles. The flexible terms offered by the Bank will strengthen Afreximbank's ability to support strategic sectors in the short and long runs.
Objectives
The aim is to fulfil unmet medical needs and enhance sustainable social and human development in Africa by improving health, education and nutrition services whilst also contributing to health system resilience. The operation will cover investments into health facilities in Africa in line with the common values and fundamental principles of EU health systems. It will also support the SDG 3 goal of achieving Universal Health Coverage, being strategic, sustainable solutions for society, scientifically evidence based and promoting equity of access to healthcare.
Sector(s)
Proposed EIB finance (Approximate amount)
EUR 100 million
Total cost (Approximate amount)
EUR 200 million
Environmental aspects
The EIB will require that the implementation of the sub-projects will be done in accordance with the EIB's environmental and social policy and standards.
Procurement
The EIB will require that the implementation of the sub-projects will be done in accordance with the EIB's Guide to Procurement.
Status
Signed - 30/12/2022
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).