The African Export-import Bank Afreximbank and Bank of Industry BoI have signed a 75 million financing term sheet to support local manufacturers under the Presidential Initiative for Unlocking the Healthcare Value Chain PVAC in Nigeria.
The PVAC is a federal government strategy aimed at achieving a measurable increase in the domestic manufacturing of generic pharmaceuticals, vaccines, biologics, and medical devices.
The financing term sheet was signed, last week, at the commissioning ceremony of the banks African Medical Centre of Excellence AMCE by Vice President Kashim Shettima in Abuja.
At the event, the vice president along with Afreximbank President, Prof. Benedict Oramah, unveiled the banks African Life Sciences Foundation AfLSF and Endowment Fund.
The fund was created to support research and development of drugs and interventions relevant to people of African descent.