The African Export-Import Bank (Afreximbank) and MobiHealthCare Limited (MobiHealth) have signed project preparation facility agreement in a move set to transform healthcare accessibility across Africa.
This partnership aims to propel the expansion of telemedicine services within Nigeria while exploring the feasibility of replicating such services in Egypt, Ghana, Kenya, and Cote d’Ivoire.
The partnership
Under the terms of the agreement, Afreximbank will provide partial financing for project preparatory activities, leveraging MobiHealth’s cutting-edge telemedicine platform, initially trialed in Nigeria, to extend services to the additional countries.
- This initiative anticipates the rapid establishment of telemedicine clinics across Africa, fully equipped with outpatient facilities.
- With a project preparation facility of up to US$1.5 million, the aim is to advance the project to bankability, thereby unlocking further investments estimated at US$65 million.
- This preparatory facility is poised to expedite the deployment of digital healthcare solutions, thereby enhancing access, efficiency, and the quality of healthcare services.
- Leveraging MobiHealth’s innovative platform, local and diaspora medical professionals can remotely diagnose and prescribe treatment, thereby reducing waiting times, eliminating travel barriers, and reaching underserved populations.
In addition to financing, Afreximbank will act as the mandated lead arranger, overseeing senior debt syndication for project implementation. The MobiHealth transaction originated from the Africa Investment Forum (AIF) platform, under its flagship ‘Women as Investment Champions’ initiative.
- Afreximbank, a founding partner of AIF, has played a pivotal role in mobilizing a US$1.0 million grant from the United States Trade and Development Agency (USTDA).
- Commenting on this milestone agreement, Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank, emphasized the potential of this initiative for healthcare delivery across the continent.
“This initiative will fundamentally reshape the delivery of healthcare services with broader implications for healthcare services across the continent. We will not only be embracing digital technology but also harnessing the same to help our member countries accelerate their progress towards the attainment of Universal Healthcare Coverage, and improve equitable access to quality, affordable healthcare. Afreximbank is pleased to join USTDA to support bankable studies and services to ensure advancement of this impactful health project.”
What you should know
Afreximbank is a pan-African multilateral financial institution which plays a vital role in fostering trade within Africa and beyond, with a 30-year history of innovation. Its mission is to finance and promote intra and extra trade across the continent, supporting economic development.
- As a strong supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank introduced the Pan-African Payment and Settlement System (PAPSS), endorsed by the African Union (AU) for facilitating AfCFTA transactions.
- Collaborating with the AfCFTA Secretariat and the AU, Afreximbank is leading the establishment of a US$10 billion Adjustment Fund, aiming to support countries participating effectively in the AfCFTA.
- Afreximbank possess total assets and guarantees exceeding US$37.3 billion as of December 2023, and shareholder funds of US$6.1 billion.
Between 2016 and 2023, Afreximbank disbursed over US$104 billion, fueling trade and investment initiatives that contribute to sustainable development.