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Business

Health Finance Coalition to support SME healthcare providers in Nigeria, 4 others with $30 million

Five African countries including Nigeria are set to be provided with access to $30 million emergency loan for private healthcare providers.

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Foreign investors jostling to exploit Nigeria’s $82 billion healthcare gap

A group of leading philanthropists, investors, donors and technical partners through the Health Finance Coalition is set to support private, small and medium enterprise (SME) health care providers in Nigeria and four other African countries with a new emergency loan guarantee facility of $30 million.

This is according to a disclosure by the Rockefeller Foundation, seen by Nairametrics. The coalition through The Open Doors African Private Healthcare Initiative seeks to unlock $30 million in loans to SMEs in five African countries namely; Nigeria, Ghana, Kenya, Tanzania and Uganda.

What they are saying

WHO Ambassador for Global Strategy and Health Financing and Chair, MCJ Amelior Foundation, Ray Chambers, said:

  • “With Covid-19 putting tremendous financial pressure on health budgets across Africa, we need creative financing solutions to help governments achieve their ambitious health goals. The Open Doors African Private Healthcare Initiative, which supports private health providers through a blend of grants and return-seeking capital, is a leading example. I hope to see strategies such as this one scaled up in the months to come.” 

The Managing Director, Health Initiatives, U.S. International Development Finance Corporation, Afisa Jiwani, said:

  • “Covid-19 has posed significant challenges for small- and medium-sized private sector health facilities in Africa. Investing in these important health systems can help countries in sub-Saharan Africa withstand the current pandemic while supporting millions of people who rely on these facilities.”

Why it matters

According to the notice, the funding became imperative given that private sector healthcare providers deliver nearly 50% of all healthcare services in Sub-Saharan Africa, which comprises of vital interventions like early malaria diagnosis and treatment, ante-natal care and routine vaccinations. Therefore, the support is aimed at boosting the capacity and ability of these private healthcare firms in the aforementioned countries to continue in its life-saving services.

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In addition, given that the ravaging pandemic is anticipated to affect the income of private healthcare providers in the continent and pose a serious threat to their capacity to provide other services like they normally do, the support is necessary to cushion the identified economic crisis and avert disruption in treatment of other ailments, which is estimated to result to at least 10,000 additional malaria deaths in the continent.

What you should know

  • The loan facility will be managed by Malaria No More and loans will be administered through the Medical Credit Fund (MCF), a non-profit health investment fund. Loans are expected to average $17,000 per provider to help stabilize operations, buy essential medical equipment including personal protective equipment, and finance small-scale construction to protect patients from COVID-19 infection.
  • Of the estimated five million patients that the loan facility could impact, about 3 million are low-income patients and approximately 2.4 million are women and 1.4 million are children, who are disproportionately at risk of malaria and other infectious diseases.
  • The World Health Organization estimated that the sum of $240 billion is needed to annually to bridge the health funding gap in order to achieve SDG 3. Out of this identified gap, the most pressing needs are in sub-Saharan Africa, which bears 93% of global malaria cases and 94% of global malaria deaths. Currently, just 1.6% of the annual $500 billion global impact capital market is invested in the health sector in Africa.
  • Interested healthcare providers are advised to visit http://www.medicalcreditfund.org/ for more information about application process and other information.

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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Business

AfDB set to mobilize $25 billion to scale up African climate adaptation

AfDB is mobilizing to the tune of $25billion to scale up and accelerate climate change adaptation actions across Africa.

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e-Learning Platform, Africa Development Bank. AfDB develops Index to aid women empowerment , African Development Bank awards $1.1 million to boost food production in Africa , AFDB increases capital to $208 billion in bid to secure Africa’s future , African Investment Forum: AfDB eye $67 billion deals , ECOWAS backs Adewunmi Adesina’s re-election as AfDB election nears , AfDB bows to pressure from U.S., orders an independent probe of Akinwumi Adesina, Fitch rating agency affirms AfDB's AAA rating with stable outlook, Digital Nigeria e-Learning Platform registers 16,000 users in 24 hours - African Development Bank

The African Development Bank (AfDB) has formally launched the Africa Adaptation Acceleration Program (AAAP) that would mobilize $25 billion to scale up and accelerate climate change adaptation actions across Africa.

This disclosure was made by the President of AfDB, Dr. Akinwunmi Adesina, during the Climate Adaptation Summit (CAS) 2021, hosted by the government of the Netherlands and the Global Centre on Adaptation (GCA).

According to Dr. Adesina,

  • Our ambition is bold: to galvanize climate resilience actions; support countries to accelerate and scale up climate adaptation and resilience, and mobilize financing at scale for climate adaptation in Africa
  • “Our Youth Adaptation flagship will unlock $3 billion for the youth, support 10,000 youth-led SMEs in climate resilience, and build capacity for one million youth on climate adaptation”

Dr. Adesina thanked Ban Ki-Moon for his role in the establishment of GCA’s regional office for Africa in Abidjan in 2020, which was hosted by the Bank.

He also acknowledged that the presence of John Kerry, U.S. special envoy for climate, provided a boost to global climate efforts and stated, “With you in charge, and the strong and palpable leadership of President Biden, we are reenergized on the global agenda on climate change

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What they are saying

  • In consideration of the huge gaps in financing for adaptation in developing countries, the UN Secretary-General, Ban Ki Moon, called for 50% of all climate finance provided by developed countries and multilateral development Banks to be allocated to adaptation and resilience in developing countries, noting, “the African Development Bank set the bar in 2019 by allocating over half of its climate financing to adaptation.”
  • The Ghanaian president, Nana Addo Dankwa Akufo-Addo, said that his country was working with the private sector with the assistance of the Green Climate Fund, “to establish a multimillion-dollar green fund to support our climate adaptation interventions and our efforts to transition to renewable energy.”

What you should know

  • The Climate Adaptation Summit holds annually to discuss emerging climatic issues and challenges facing Africa
  • The AAAP, a joint initiative between the African Development Bank and the Global Centre on Adaptation, is expected to scale up innovative and transformative actions on climate adaptation across Africa.
  • The African Development Bank Boss participated in three sessions and outlined a number of Bank initiatives, including the $20 billion Desert to Power project to create a solar zone in the Sahel, the largest in the world.
  • The Bank’s Technologies for African Agricultural Transformation (TAAT) initiative has leveraged $450 million and provided 19 million farmers in 27 countries with climate-resilient agricultural technologies, raising average yields by 60%.

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Business

Lagos seals 10 different properties in Ogudu GRA for violating planning laws

10 different buildings in the Ogudu GRA area have been sealed by the Lagos State Government for violating physical planning laws.

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Lagos issues ultimatum to Tank Farm Operators over planning permit, Lagos seals 27 residential and commercial buildings in Lekki, LASG Seals 19 more Buildings in Banana Island over planning permit

The Lagos State Government has sealed off 10 different buildings in Ogudu GRA for violating the state’s physical planning laws.

While leading a team of government officials for the special enforcement operation, the Lagos State Commissioner for Physical Planning and Urban Development, Dr Idris Salako, said owners of the property involved had chosen to remain obstinate in their wrong ways as they refused to comply with the Lagos State Physical Planning laws, despite being served the statutory notices.

He stated that the sealed property owners had breached various aspects of the law, including the development of buildings without Planning Permits, not building in conformity with approvals and not having stage certification among others.

The Commissioner emphasized that the Lagos State Government is determined to achieve a livable, orderly and sustainably built environment and would not allow any willful violation of the Planning laws of the State.

Salako also urged Developers and Property Owners, whose properties were sealed, to engage the Ministry with a view to getting the appropriate Planning Permits authorising their building construction or renovation.

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He added that law-abiding citizens of Lagos State intending to build should obtain Planning Permits from Lagos State Physical Planning Permit Authority and evidence of Stage Certification, which includes Certificate of Completion and Fitness for Habitation, from Lagos State Building Control Agency (LASBCA).

The Commissioner enjoined Lagosians not to engage charlatans in obtaining Planning Permits as they run the risk of procuring fake permits which the State government would not hesitate to disavow.

What you should know

  • The Lagos State Government through its Physical Planning and Urban Development Ministry has been on strict enforcement drive of its physical planning laws by moving against developers of illegal and unapproved buildings.
  • At different times, they have sealed off both commercial and residential properties in Lekki, Surulere, Ikoyi, Amuwo Odofin, Ogudu GRA, Ikeja and others.
  • The state government has just reviewed its planning permit processing time and reduced the layout approval process to make it easier, faster and less cumbersome for developers to obtain their planning permit.

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Lagos State Government to transform Badagry into industrial and tourism hub

Lagos State Government has assured Badagry residents of plans to transform the area into an industrial and tourism hub.

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Lagos announces resumption time table for public and private schools, FESTAC town, Lagos cancels 2018 land use charge, LAND USE CHARGE, Lekki sealed buildings, Lagos state governor issues new guidelines for lockdown, consider full reopening of its economy,Sanwo-Olu gifts families of slain police officers N10 million naira each

The Governor of Lagos State, Babajide Sanwo-Olu, has announced that the state will transform the Badagry area of the state into a tourism and industrial hub.

This was disclosed on Monday during the inauguration of the reconstructed 5.5 kilometres Hospital Road in Bagadry. The Governor was represented by his spokesman, Mr Adesina Odunuga, from the State Ministry of works.

Sanwo-Olu said the transformation would be part of the State’s “administration’s infrastructure drive.”

“Our plan is to harness Badagry’s tourism and growth potentials through the provision of this 5.5km-long road.

“We have planned the execution and the completion of this road in two phases.

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“Once the road is completed, there will be corresponding economic benefits in form of new clusters of industries, commercial growth and general ease of transporting goods,’’ he said.

The Governor added that the road would be reconstructed as a dual carriage-way to connect Idale, Povita, Topo and Ajido communities to Lagos-Badagry Expressway via Joseph Dosu Road.

“The road strategically services the Badagry Marina where several tourism centres such as Agiya Tree Monument, First Storey Building and Early Missionary Cemetery in Nigeria including Slave Trade Relics /Point of No Return, Heritage Museum, Eko Theatre, Badagry VIP Chalets and a host of others are located,” he added.

What you should know

  • Nairametrics reported earlier this month that Lagos State had announced that it would increase infrastructure spending in 2021 to 60% of its budget, in a bid to repair damages inflicted by hoodlums in October 2020, following the #EndSARS protests.
  • The Lagos State Government also assured its residents that it would improve social services and expand public infrastructure to enhance productivity and economic growth.

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