The European Investment Bank (EIB) on May 24 launched a new initiative to boost financial and technical support to enhance health resilience and improve healthcare skills in Africa.
The new financing platform for health security and resilience in Africa has been developed following in-depth discussions with African and European political and development finance partners.
Under a new partnership, the EIB, European development finance institutions and other African and international partners will mobilise financing for new investment that is essential to improving access to affordable healthcare and sharing technical best practice.
The bank says in a statement this will help to address healthcare weaknesses amid the ongoing Covid-19 pandemic, such as local vaccine manufacturing.
The Shira financing platform will help enable political and development finance partners to coordinate and ultimately strengthen health security on the continent.
Shira will support wider Team Europe engagement by mobilising private sector investment by providing long-term financing to scale up investment in medical research, diagnostic and treatment facilities and local healthcare supply chains.
“Europe and Africa stand side by side in the battle against Covid-19 and to strengthen health resilience in the future. This new platform will support the Team Europe Initiative on manufacturing and access to vaccines, medicines and health technologies in Africa,” says European Commission president Ursula von der Leyen.
EIB president Werner Hoyer adds that increasing investment which strengthens health security is crucial to protect lives and learn from the pandemic.
“This promising new scheme to scale up healthcare resilience in Africa provides a clear path to work with African, European and international partners,” he states.
The Covid-19 pandemic has exposed clear weaknesses in local vaccine manufacturing and pharmaceutical production capacity, leading to shortages and limiting access to health services in Africa.
Limited funding for private sector investment is further preventing treatment and prevention of endemic diseases across Africa and access to affordable health products.
“The aim is to back new investment to improve health sector preparedness and response, strengthening production of vaccines, diagnosis, treatment and essential equipment including personal protective equipment and oxygen, improving vaccine development and specialist skills, and sharing digital e-health and telemedicine best practice,” EIB explains.
Long-term financing, investment grants, innovation support and technical assistance will help to address investment challenges and unlock health investment.
It will make a significant contribution to achieving sustainable development goals, including ensuring healthy lives and well-being, reducing inequality, industrialisation and gender equality.