Africa Finance Corp invests $40 million in the African Medical Center of Excellence in Abuja

by MMC
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Africa Finance Corporation (AFC) has pledged up to $40 million in equity investment for the construction of the African Medical Center of Excellence (AMCE) in Abuja.

The signing of the equity investment terms took place during the first AMCE African Health Forum, marking an important step towards revolutionizing healthcare advancements in West Africa.

Initiative and participation

  • The AMCE project, developed by Africa Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital London (KCH), envisions a visionary 500-bed healthcare facility.
  • Specializing in non-communicable diseases such as oncology, cardiology and hematology, the center aims to become a leader in clinical services, research, education and development.
  • This initiative aims to address the infrastructure gap and shortage of qualified doctors in the health sector in Africa.
  • With the first phase of construction of a 170-bed specialist hospital, AFC, as a new shareholder, will play a crucial role in expanding the facility to 500 beds by the third phase.
  • The project is on track to start operations in the first quarter of 2025.
  • The AMCE project is well positioned to make a significant impact by creating approximately 3,000 job opportunities, providing training for healthcare professionals and ultimately reducing reliance on medical tourism.
  • The facility aims to provide state-of-the-art care to more than 350,000 patients in its first five years of operation.

Samaila Zubairu, President and CEO of the AFC, highlighted the importance of the project in transforming healthcare in Africa.

He stated,

  • “Building a world-class facility that captures medical spending in Africa, promotes the development of specialist skills, retains and attracts healthcare professionals to our local communities, aligns well with the AFC’s import substitution strategy . »

Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, highlighted the importance of collaboration to address health infrastructure challenges in Africa.

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He called on more partners to join efforts to revolutionize healthcare in Africa and make a lasting impact on the well-being of communities.

What you should know

Established in 2007, Africa Finance Corporation (AFC) serves as a catalyst for private sector-led infrastructure investments across Africa.

  • With a focus on financial and technical advisory, project structuring, development and venture capital, the AFC aims to meet the continent’s infrastructure needs and promote sustainable economic growth.
  • Over its 17 years of existence, AFC has become a preferred partner for investing in critical infrastructure, contributing to sectors such as power, natural resources, heavy industry, transportation and telecommunications.
  • With 43 member countries, the AFC has invested US$13 billion across Africa since its inception.

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