Africa Finance Corporation (AFC) has pledged up to US$40 million in equity investment towards the construction of the African Medical Centre of Excellence (AMCE) in Abuja.
The signing of the equity investment term sheet took place at the inaugural AMCE African Health Forum, marking a significant step towards revolutionizing healthcare advancements in West Africa.
The initiative and equity investment
- The AMCE project, developed by Africa Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London (KCH), envisions a visionary 500-bed medical health facility.
- Specializing in non-communicable diseases such as oncology, cardiology, and haematology, the center aims to become a leader in clinical services, research, education, and development.
- This initiative seeks to address the infrastructure deficit and shortage of qualified medical practitioners in the African healthcare sector.
- With the first phase involving the construction of a 170-bed specialist hospital, AFC, as a new shareholder, will play a crucial role in the facility’s expansion to 500 beds by the third phase.
- The project is on track to commence operations in the first quarter of 2025.
- The AMCE project is positioned to make a significant impact by creating approximately 3000 job opportunities, offering training for medical professionals, and ultimately reducing the reliance on medical tourism.
- The facility aims to provide state-of-the-art care to over 350,000 patients within its first five years of operation.
Samaila Zubairu, President & CEO of AFC, emphasized the importance of the project in transforming healthcare in Africa.
He stated,
- “Building a world-class facility that captures medical spend in Africa, promotes specialist skills development, retains and attracts healthcare practitioners in our local communities aligns well with AFC’s import substitution strategy.”
Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, highlighted the collaboration’s significance in addressing Africa’s healthcare infrastructure challenges.
He invited more partners to join in the endeavor 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 investment across Africa.
- With a focus on financial and technical advisory, project structuring, development, and risk capital, AFC aims to address the continent’s infrastructure needs and promote sustainable economic growth.
- Over its 17-year existence, AFC has become a preferred partner for investing in essential infrastructure assets, contributing to sectors like power, natural resources, heavy industry, transport, and telecommunications.
- With 43 member countries, AFC has invested US$13 billion across Africa since its inception.
