European Investment Bank Pledges €500m To Lift Health Systems in Africa

Posted by Eric Ojo African News, Business News, Latest Headlines Friday, February 18th, 2022

(AFRICAN EXAMINER) – Driven by its resolve to build a stronger and more resilient health systems in Africa, the European Investment (EIB), has promised to support the sector with € 500 million.

The EIB is the long-term lending institution of the European Union (EU) owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

The pledge is being made under a partnership launched by World Health Organization (WHO) and the European in close cooperation with the European Commission (EC) and the African Union (AU).

The formidable partnership is aimed at mobilizing one billion euro of investment to support countries in closing the health funding gap, building resilient health systems based on a solid foundation of Primary Health Care (PHC), to help them reach the health-related Sustainable Development Goals (SDGs).

That means restoring, expanding and sustaining access to essential health services and increasing financial risk protection; access to vaccines, medicines, diagnostics, devices and other health products; scaling innovative primary health care service delivery models and investing in a health workforce to deliver effective quality care.

This will be advanced by a powerful EC, EIB and WHO trilateral alliance built on the partners’ commitment to complement each other’s strengths.

The shared goals of the partnership will achieved by applying a country-led and country-driven approach, identifying gaps in national health systems, designing strategies for interventions and their corresponding investments plans, investing in health system projects and programmes, convening capital providers, supporting implementation and monitoring impact.

To initiate this partnership, the EIB will make available at least €500 million to support health systems strengthening and more specifically primary health care in Sub-Saharan African countries. This aims to mobilize at least €1 billion of investments, structured in co-operation with the EC and WHO, to support this initiative.

President of EIB. Werner Hoyer said the partnership between the EIB and WHO is central to their response to the COVID-19 pandemic outside the EU, as part of Team Europe, adding that since the start of the pandemic the EIB has scaled up support for health investment, vaccine production and economic resilience across Africa and around the world.

“Today, we are pleased to confirm that the EIB will make available € 500 million with the aim of mobilizing €1 billion of new investment to strengthen public health across Africa”, he said.

Similarly, the Director-General of WHO, Dr Tedros Adhanom Ghebreyesus noted that the pandemic is a powerful demonstration that when health is at risk, everything is at risk.

“Investing in health across Africa is therefore essential not just to promote and protect health, but also as a foundation for lifting people out of poverty and driving inclusive economic growth. WHO is pleased to join forces with African partners, the EIB and the EU to marry this significant investment

with WHO’s experience and know-how to build resilient health systems, and a healthier, safer, fairer future for Africa”, he stressed.