This funding aims to boost research, development, and manufacturing of vaccines targeting infectious diseases such as tuberculosis, HIV, Lassa fever, and Ebola.
According to an EIB statement, the financing will also strengthen the technical skills and expertise of Rwanda-based teams to support local vaccine discovery, manufacturing, and the development of vaccine delivery systems.
This initiative aligns with Rwanda's broader goal of fostering home-grown healthcare solutions.
The latest health investment from EIB Global is part of the EU's Global Gateway initiative for Africa, which seeks to unlock critical investments aimed at improving public healthcare access.
EIB Global's focus is on high-impact investments that enhance healthcare and pharmaceutical manufacturing across Africa, strengthen health resilience, and support equitable access to healthcare on the continent.
Africa bears the highest global disease burden, and more local solutions are necessary to address these challenges. Vaccination plays a crucial role in driving investments toward universal healthcare and is key to achieving 14 of the 17 United Nations Sustainable Development Goals.
Akagera Medicines Africa was established in Rwanda in July 2022 to advance the pharmaceutical sector both within the country and across the continent. The company is majority-owned by the Republic of Rwanda through the Rwanda Social Security Board (RSSB).
Speaking at the World Health Summit in Berlin, Germany, where the financing announcement was made, Michael Fairbanks, CEO of Akagera Medicines, praised the European Investment Bank's support, expressing optimism about building human capacity and specialized infrastructure in Africa to advance vaccine development. The summit runs from October 13 to 15, 2024.
EIB Vice President, Thomas Östros, emphasized the importance of partnerships with both public and private entities in combating deadly diseases.
'The EIB is committed to further strengthening our partnership with local and international players, to scale up investment and support innovative technology together,' he said.
EU Ambassador to Rwanda, Belen Calvo Uyarra, remarked, 'Through Global Gateway, the EU is focused on advancing equitable access to health products and local manufacturing in Africa. This investment by EIB with Akagera Medicines marks another important milestone on this journey.'
The financing for Akagera Medicines complements other EU initiatives in Rwanda and the region under the Global Gateway Flagshipâ€"Manufacturing and Access to Vaccines, Medicines, and Health Technologies (MAV+).
This broader effort focuses on supporting the necessary ecosystem for vaccine manufacturing and is backed by the EU-Africa Infrastructure Trust Fund (EU-AITF), which aims to increase infrastructure investment in Sub-Saharan Africa, reduce poverty, and foster economic growth in the region.
Théophile Niyitegeka
