African Export-Import Bank, a pan-African multilateral finance institution, has shifted its focus from traditional infrastructure to health systems, diagnostics, and specialist care. The institution views these as core infrastructure for human capital. According to Oluranti Doherty, Managing Director for Export Development at Afreximbank, health is now a pillar of economic and national security.
Doherty made this assertion at a virtual panel session during the Africa Press Day in Nairobi, Kenya. The event brought together journalists, policymakers, economists, health experts, and development finance leaders from nine African countries. Afreximbank is investing in health systems to tackle the rising non-communicable diseases (NCDs) that are eroding household incomes and weakening the labour force across the continent.
The bank has deployed over $3 billion into healthcare-related interventions. This includes $2 billion in advance payment guarantees to support member countries in accessing vaccines during the COVID-19 pandemic. Afreximbank has also invested $200 million in credit facilities to repurpose factories for the manufacture of medical consumables. Furthermore, the bank has invested $300 million in the African Medical Centre of Excellence in Abuja, Nigeria, a tertiary facility focused on NCDs.
The centre is a regional hub for complex care and training, developed in partnership with King's College Hospital in London. It features state-of-the-art facilities, including five theatres, categorisation laboratories, and molecular laboratories. By prioritising early diagnosis and specialised treatment, Afreximbank aims to reduce the economic drag of late-detected illnesses.
Afreximbank's emphasis on health sovereignty is a crucial step towards Africa's economic prosperity. By framing health as an economic and national security issue, the bank is acknowledging the devastating impact of non-communicable diseases on household incomes and labour productivity. The bank's investment in the African Medical Centre of Excellence is a significant move towards reducing the economic drag of late-detected illnesses. As Afreximbank continues to provide budget finance and advisory services to promote healthcare projects, it is clear that health sovereignty is a key driver of long-term prosperity for the continent. The bank's focus on health systems, diagnostics, and specialist care will have a direct impact on the competitiveness of African nations.
