EIB launches €50m Africa pharmaceutical manufacturing initiative
The European Investment Bank has launched the first scheme to strengthen local production of Active Pharmaceutical Ingredients in Africa and scale up drug manufacturing essential to improve public health.
The EIB’s new €50 million pharmaceutical investment initiative, initiated with kENUP Foundation, will contribute to reducing dependency on drug imports and address medical supply chain weaknesses linked to COVID-19. The programme will improve availability of specialist drugs and tackle supply chain challenges that currently damage public health across Africa.
Long-term financing will be available in USD, EUR and local currency and can cover more than 50% of the total cost of eligible investment, as part of the EIB’s exceptional response to COVID-19. EIB financing can co-finance projects alongside philanthropic, equity, development financing or support from commercial banks.
