AfDB to invest $3bn in Africa’s pharmaceutical industry

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AFDB
African Development Bank (AfDB)

The African Development Bank (AfDB) has said it would invest 3 billion dollars to build Africa’s pharmaceutical industry in the next 10 years.

President of the AfDB, Dr Akinwumi Adesina, said this at a virtual Finance in Common Spring Meeting convened in collaboration with the Association of African Development Finance Institutions (AADFI) and the International Development Finance Club (IDFC) on Tuesday.

The meeting was tagged “Africa’s Green and Resilient Recovery: A Common Objective.”

The AfDB president added that it was also supporting the Africa Center for Disease Control (Africa CDC) with 28 million dollars to strengthen its capacity to tackle the issue of vaccines.

He added that the bank was currently working with partners on how to best support the financing of the manufacturing of vaccines on the continent.

He emphasised that the bank was supportive of public development banks, which could be seen in the establishment of the AADFI…



Source: Vanguard Newspaper