New Telegraph

February 24, 2024

AfDB to invest $3bn in Africa’s healthcare sector

The African Development Bank (AfDB) will invest up to $3 billion over the next 30 years to advance the manufacture of pharmaceuticals and the development of healthcare infrastructure across the continent, the bank’s Group Vice President for Private Sector, Infrastructure and Industrialization, Solomon Quaynor, has said. He stated this during a panel discussion at the 16th CII-Exim Bank Digital Conclave on India-Africa Project Partnership held over the weekend. Quaynor said an infrastructure- led recovery from the pandemic was critical for Africa, adding that the bank was ready to partner with Indian firms to transform Africa’s healthcare.

“We are focused on health defense systems, in dialogue with our 81 African and non-African government shareholders, including India,” he said. He noted that the AfDB has also been providing expertise to its members on preparing public-private partnerships and to deepen debt capital markets including through investment in pension funds and providing sovereign credit and partial risk guarantees. Experts, who attended the meeting, said that the pandemic had provided the impetus for a stronger partnership between India and Africa with potential benefits to both as they build back sustainably after the crisis.

Speaking at the virtual event’s opening, Subrahmanyam Jaishankar, India External Affairs Minister, said the two sides must reinforce collaboration in public health, digital delivery, capacity building, and the green economy – “our goals must be to use these new tools and practices for better delivery on the ground.

“India has always maintained that progress in the world is contingent on the development of the global south, nowhere is that more evident than in Africa, and that is why we adapt as the most priority to the India- Africa partnership,” Jaishankar said. The three-day virtual conference, with the theme: “Harnessing the Africa-India Opportunity- Connect, Create, Collaborate,” was organised by the Confederation of Indian Industry (CII) and the India Exim Bank with support from the Ministries of External Affairs and Commerce and Industry.

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