TheCable

Africa Finance Corporation (AFC) has pledged about $40 million towards the construction of the African Medical Centre of Excellence (AMCE) Abuja hospital.

In a statement on Wednesday, the corporation said it had signed an equity investment term sheet to the effect.

The agreement was signed at the inaugural AMCE African Health Forum in Abuja.

“The visionary 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),” AFC said.

“The project will strategically harness KCH’s unparalleled diagnostic, clinical, and capacity-building expertise and specialise 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.”

Described as a ‘first-of-its-kind’ medical treatment and research centre, AFC said AMCE Abuja will be executed in four phases over a period of six years.

As a new shareholder, AFC said it will be essential to the first phase, which entails constructing a 170-bed specialised hospital that will grow to 500 beds by the third phase.

The corporation said the facility is on schedule to commence operations in the first quarter of 2025, with construction being more than halfway finished.

“The African healthcare sector faces a severe infrastructure deficit and an equally chronic shortage of qualified medical practitioners. Government-owned health facilities are stretched to their limits due to inadequate capacity, leading to a reliance on medical tourism and its associated burdens. Hospitals across West Africa struggle with funding, lack of essential resources, and limited access in rural areas,” AFC said.

“The AMCE aims to reducing this gap 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. Additionally, it aims to attract talent back to the ecosystem on the continent, providing better access to much needed healthcare.”

Samaila Zubairu, AFC president and chief executive officer, 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,” Zubairu said.

“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.”

ORAMAH: PARTNERSHIP EXEMPLIFIES POWER OF COOPERATION

Also speaking, Benedict Oramah, president and chairman of the board of directors, African Export-Import Bank (Afreximbank), expressed delight that AFC had joined the African Development Bank (AfDB) as a strategic partner on the project to address the problems with the continent’s healthcare infrastructure.

“This collaboration exemplifies the power of cooperation among African Development Finance Institutions in driving impactful projects that benefit our communities and promote sustainable growth,” he said.

“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.”

Oramah invited more partners to join in the crucial endeavour to revolutionise healthcare in Africa and make a lasting impact on the well-being of our communities.