NIGERIA—Africa Finance Corporation (AFC), the continent’s largest provider of instrumental infrastructure solutions, has signed an equity investment term sheet worth up to US$40 million to build the African Medical Centre of Excellence (AMCE) Abuja hospital.
Africa Export-Import Bank (Afreximbank), Africa’s foremost trade finance bank, is now developing this innovative 500-bed medical health center in collaboration with King’s College Hospital in London, UK.
The investment comes at a time when the African healthcare industry is dealing with a significant infrastructure deficit as well as a persistent shortage of competent medical practitioners.
Furthermore, government-owned health institutions are stretched to their limits due to insufficient capacity, resulting in a reliance on medical tourism and its related responsibilities. Hospitals across West Africa struggle with funding, a lack of necessary resources, and limited access in rural areas.
This agreement was inked at the inaugural AMCE African Health Forum in Abuja, in the presence of President and Chairman of the Board of Directors of Afreximbank, Benedict Oramah, and AFC President & CEO, Samaila Zubairu, among others.
The project will strategically leverage KCH’s outstanding diagnostic, clinical, and capacity-building skills to specialize in three major noncommunicable diseases: cancer, cardiology, and haematology.
The project also commits to world-class research, education, and development capabilities in order to position itself as a clinical services leader.
The AMCE initiative heralds a revolution in healthcare in West Africa, with the goal of turning the tide of medical tourism away from the continent by constructing the first of a series of world-class medical centers of excellence in Africa, ensuring widespread access to critical health care in the area.
AMCE Abuja, a first-of-its-kind medical treatment and research institution, would be built in four parts over six years.
As a new shareholder, AFC will play a critical role in the first phase, which will include the construction of a 170-bed specialist hospital that will be expanded to 500 beds by the third phase.
With construction more than halfway complete, the facility is expected to open in the first quarter of 2025.
The AMCE intends to close this gap by producing roughly 3,000 jobs throughout the construction and operational phases, employing more than 200 individuals, and providing training opportunities for doctors and nurses.
Over the first five years of operation, the hospital is expected to provide cutting-edge care to over 350,000 patients in Nigeria and other African countries.
Furthermore, it seeks to reintroduce talent to the continent’s ecosystem, thereby improving access to critical healthcare.
Samaila Zubairu, President and CEO of AFC, stated that Africa’s healthcare industry has a serious and worrying infrastructure gap, as well as a shortage of skilled medical practitioners.
He went on to say how pleased he was to collaborate with Afreximbank and King’s College Hospital in London on this historic project that will change African healthcare and contribute to a reversal in medical tourism.
According to Mr. Zubairu, the goal is to create a world-class facility that captures medical spending in Africa, fosters specialist skill development, and, most significantly, keeps and recruits healthcare practitioners in local communities.
This is consistent with the AFC’s import substitution policy, and we look forward to working with all partners to develop the AMCE as a beacon of medical quality across the continent.
Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, on his part, expressed his joy that AFC has joined them as key partners in this vital project to address Africa’s healthcare infrastructure concerns.
This relationship, he says, illustrates the capability of African Development Finance Institutions to work together to drive significant initiatives that benefit communities and support long-term progress.
He went on to note that by investing in AMCE Abuja, they will not only help to build world-class healthcare facilities, but also generate chances for job creation, skill development, and knowledge transfer.
He finished by inviting more partners to join us in this critical effort to revolutionize healthcare in Africa and have a long-term influence on the well-being of their communities.
The agreement establishes a strong precedent for African Development Finance Institutions (DFIs) to solve infrastructure concerns on the continent.
The creation of a world-class medical and health center in West Africa reaffirms these institutions’ commitment to crafting a healthier and more sustainable future for Africa
For all the latest healthcare industry news from Africa and the World, subscribe to our NEWSLETTER, and YouTube Channel, follow us on Twitter and LinkedIn, and like us on Facebook.
