Africa Finance Corporation (AFC) the continent’s leading instrumental infrastructure solutions provider, today signed an equity investment term sheet at the inaugural AMCE African Health Forum in Abuja, pledging up to US$40 million towards the construction of the African Medical Centre of Excellence (AMCE) Abuja hospital.
The 500-bed medical health facility is currently being developed by Africa Export-Import Bank (Afreximbank), the leading trade finance bank for Africa, in partnership with King’s College Hospital, London (KCH).
A news report from African Press Organization (APO) Group circulated on behalf of the corporation on the deal, indicated that the project would harness KCH’s diagnostic, clinical, and capacity-building expertise in three core non-communicable diseases – oncology, cardiology, and haematology – with a commitment to world-class research, education, and development capabilities to establish itself as a leader in clinical services.
The AMCE initiative heralds a revolution in healthcare in West Africa. It aims to turn the tide of medical tourism away from the continent by building the first in a series of world-class medical centres of excellence in Africa, thus providing widespread access to critical health care in the region.
A first-of-its-kind medical treatment and research centre, AMCE Abuja will be executed in four phases over six years.
According to the pact, AFC as a new shareholder will play a pivotal role in the first phase that involves building an initial 170-bed specialist hospital, set to expand to 500 beds by the third phase.
The news report disclosed that with the construction over halfway complete, the facility would commence operations in the first quarter of 2025.
The AMCE aims to reduce the huge gap in Africa’s medical sector by creating approximately 3,000 jobs during construction and operational phases, employing over 200 people, and offering training opportunities for doctors and nurses.
The facility is projected to provide state of the art care to over 350,000 patients in Nigeria and other African countries within its first five years of operation just as it aims to attract talent back to the ecosystem on the continent, providing better access to much needed healthcare.
Commenting on the corporation’s equity investment in the project, AFC President & CEO, Samaila Zubairu, said: “Africa’s healthcare sector suffers a severe and alarming infrastructure gap and a shortage of qualified medical practitioners. We are therefore pleased to partner alongside Afreximbank and King’s College Hospital, London, on this epoch-making project that will transform healthcare in Africa and contribute to a reversal in medical tourism.
“Building a world-class facility that captures medical spend in Africa, promotes specialist skills development, retains and, most importantly, attracts healthcare practitioners in our local communities, aligns well with AFC’s import substitution strategy and we look forward to working with all partners to establish the AMCE as a beacon of medical excellence on the continent.”
In his remarks, President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, enthused: “We are delighted that AFC have joined us as strategic partners on this important initiative aimed at addressing Africa’s healthcare infrastructure challenges.
“This collaboration exemplifies the power of cooperation among African Development Finance Institutions in driving impactful projects that benefit our communities and promote sustainable growth.
“By investing in AMCE Abuja, we are not only supporting the establishment of world-class healthcare infrastructure but also creating opportunities for job creation, skills development, and knowledge transfer. We invite more partners to join us in this crucial endeavour to revolutionise healthcare in Africa and make a lasting impact on the well-being of our communities”, the banker added.
Analysts see the collaboration as setting a powerful precedent for African Development Finance Institutions (DFIs) to address infrastructure challenges across the continent.
They believes that through the establishment of a world-class medical and health facility in West Africa, these institutions reaffirm their dedication to shaping a healthier and more sustainable future for Africa.
