Afreximbank signs €250 million loan agreement with Germany’s KfW for COVID-19 interventions program

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Pan-African multilateral financial institution Afreimbank has signed a €250 million loan agreement with the German government to fund its program of COVID-19 interventions in Africa.

An Afreximbank press release copied to Ghana Business News says the deal was signed with German Development Bank KfW, acting on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ).

Afreximbank signs a €250 million loan agreement with KfW, acting on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ).

The loan will support the Bank’s COVID-19 response program, and more specifically its financing for the production, acquisition and distribution of vaccines and medical supplies, he said.

Commenting on the loan agreement, Prof. Benedict Oramah, Chairman of Afreximbank, said: “Our relationship with the German Development Bank (KFW) and the Federal Ministry for Economic Cooperation and Development (BMZ) has been extremely productive. over the years. We are delighted to have broadened and deepened it with this loan. Afreximbank has worked tirelessly to support Member States as they collectively strive to achieve the African Union’s goal of immunizing at least 70% of the continent’s population by the end of 2022. Today’s announcement serves as validation of the Bank’s COVID-19 response strategy and its expansion to build pharmaceutical capacity in Africa.

Afreximbank says it would use the loan as a platform to support the development of vaccine and pharmaceutical manufacturing capacity across Africa in a sustainable manner, which will help better prepare Africa for future pandemics and other challenges. of public health.

“The African continent has been hit hard by the consequences of the coronavirus pandemic. This is why it is important to reduce the impact on the health of the population and on the economy. The development and strengthening of local capacities for the production of vaccines and medical products aims to foster the autonomy of African countries in their response to the pandemic and to reduce dependence on non-African products and supply chains. international procurement,” said Christiane Laibach, member of the executive committee. The KfW Group Board of Directors said.

By Emmanuel K. Dogbevi

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