EIB, Afdb Support Launch of African Pharmaceutical Technology FoundationSource: www.export-egypt.com 12/18/2023, Location: Africa |
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Africa advanced efforts to develop an independent drug industry after Rwanda agreed to host the African Pharmaceutical Technology Foundation (APTF) in partnership with the European Investment Bank (EIB) and the African Development Bank (AfDB), according to a statement .
The APTF signed accords with Rwanda and the EIB to bolster cooperation, for hosting its headquarters and aiding the foundation in realizing its goals concerning fostering ties between public and private sectors in the continent and abroad. The new foundation, backed by the AfDB group, seeks $3 billion over 10 years for medicine production. “To close the gap, we must continue investing in pharmaceutical production in Africa and other developing countries. Technology and knowledge transfer are central. The new African Pharmaceutical Technology Foundation will help Africa gain rapid access to the latest pharmaceutical breakthroughs,” Rwanda’s Minister of Foreign Affairs and International Cooperation Vincent Biruta said. Meanwhile, the AfDB’s President Akinwumi Adesina emphasized that technology stands as the primary catalyst for fostering a robust pharmaceutical sector crucial for safeguarding the African population's health and prosperity. He pledged the AfDB’s dedicated investment of $3 billion over the coming decade to advance local pharmaceutical production, aiming to industrialize Africa and reduce its dependence on imports. The establishment of the APTF comes as Africa desires to close vaccine gaps with rich nations and gain faster access to treatments. The AfDB and EIB are contributing a large share of developmental financing in the African continent, including Egypt. Since 1974, the banks injected $5.64 billion in investments into various projects in the country. The EIB injected $15.03 billion in investments into Egypt since 1979. |
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