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Afreximbank signs €250m loan agreement with German KfW for COVID-19 interventions programme

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The Pan-African multilateral financial institution Afreimbank has signed a €250 million German government loan deal to finance its COVID-19 interventions programme in Africa.

A press release from Afreximbank copied to Ghana Business News says the agreement was signed with the German Development Bank KfW, acting on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ).

Afreximbank signs EUR250 million loan agreement with KfW, acting on behalf of German Federal Ministry for Economic Cooperation and Development (BMZ).

The loan will support the Bank’s COVID-19 intervention programme, and specifically its financing for the production, acquisition and distribution of vaccines and medical supplies, it said.

Commenting on the loan agreement, Prof. Benedict Oramah, President of Afreximbank said, “Our relationship with the German Development Bank (KFW) and the Federal Ministry for Economic Cooperation and Development (BMZ) has been extremely productive over the years. We are delighted to have expanded and deepened it with this loan. Afreximbank has worked tirelessly to support member states as they work to collectively attain the African Union’s goal of vaccinating at least 70 per cent of the continent’s population by the end of 2022. Today’s announcement serves as a validation of the Bank’s COVID-19 response strategy and its extension to develop pharmaceutical capacity in Africa.”

Afreximbank says it would use the loan as a platform to support the development of vaccines and pharmaceutical manufacturing capacities across Africa in a sustainable manner, which will help prepare Africa better for future pandemics and other public health challenges.

“The African continent has been hard hit by the consequences of the coronavirus pandemic. This is why it is important to reduce the impact on the health of the population and the economy. The development and strengthening of local production capacities for vaccines and medical products aims to promote the self-reliance of African countries in their response to the pandemic and reduce dependence on non-African products and international supply chains,” Christiane Laibach, Member of the Executive Board at KfW Group said.

By Emmanuel K. Dogbevi

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