SWITZERLAND —Three multilateral development banks, in partnership with the World Health Organization (WHO), have announced the launch of the Health Impact Investment Platform.
This landmark initiative aims to invest in and enhance primary health care (PHC) services in low- and middle-income countries (LICs and LMICs), particularly for vulnerable and underserved populations.
The Platform, unveiled during the Summit for a New Global Financing Pact in Paris, will provide an initial €1.5 billion (US$1.64 billion) in concessional loans and grants to expand the reach and quality of PHC services.
Founding members of the Health Impact Investment Platform include the African Development Bank (AfDB), European Investment Bank (EIB), Islamic Development Bank (IsDB), and WHO.
The Inter-American Development Bank (IDB) is also considering joining the partnership to extend its reach to Latin America and the Caribbean region.
As the policy coordinator, WHO will ensure that financing decisions align with national health priorities and strategies.
The Platform’s secretariat will assist governments in developing national health and PHC investment plans, facilitating wider investments to support government health strategies.
Dr. Tedros Adhanom Ghebreyesus, WHO Director-General, emphasized that a PHC approach is essential for improving health and well-being, providing essential health services to all individuals.
It serves as a driving force for achieving universal health coverage, a key United Nations Sustainable Development Goal (SDG).
Dr. Tedros stated, “Around 90% of essential health services can be delivered through PHC – on the ground, in communities, via health professionals, doctors, and nurses, in local clinics.”
He highlighted the wide range of services PHC offers, promoting health, disease prevention, reducing the need for more expensive secondary and tertiary care, and delivering rehabilitation.
The Health Impact Investment Platform aims to strengthen PHC services, making a significant investment in the health of current and future populations.
EIB President Werner Hoyer stressed the commitment of the partner development banks to support countries in strengthening their primary healthcare services.
Their objective is to promote community health and protect against future health emergencies.
Dr. Hoyer noted the importance of cooperation among multilateral development banks through this new platform, enabling countries in need to build resilient primary healthcare systems capable of withstanding future health crises.
The initiative aligns with President Macron’s call to increase international financial solidarity with the Global South.
Critical need for increased health spending in LICs and LMICs to achieve SDGs
The COVID-19 pandemic highlighted the urgent need for increased health spending in LICs and LMICs to achieve the health-related SDGs.
The World Health Organization estimates that an additional combined annual investment of US$371 billion by 2030 is required.
This funding would enable populations to access health services, build new facilities, and train and deploy health workers strategically.
Furthermore, preparations for future pandemics demand an estimated annual investment of US$31.1 billion, with approximately one-third of that amount requiring international financing.
The Health Impact Investment Platform aims to catalyze financing and coordination through national PHC investment plans.
The Health Impact Investment Platform builds upon successful cooperation between countries, multilateral organizations, and development banks during the COVID-19 pandemic.
Collaborative efforts involving WHO, EIB, and the European Commission have already strengthened health systems in Angola, Ethiopia, and Rwanda.
These interventions initially launched as standalone programs or as part of the countries’ COVID-19 response, leveraged technical assistance, grants, and advantageous investments to bolster primary healthcare.
Muhammad Al Jasser, Chairman of the Islamic Development Bank, emphasized the importance of investing more in health to achieve universal health coverage by 2030.
The IsDB is committed to collaborating with others to ensure access to quality and affordable primary healthcare.
African Development Bank Group President Dr. Akinwumi A. Adesina stated that the cooperation among Development Financial Institutions (DFIs) and nations will guide investments in primary health care and overall health systems.
This collaboration aims to increase universal health coverage, strengthen health systems, and enhance countries’ ability to prepare for, prevent, and respond to health emergencies.
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