AFC to Pump $40m Into African Medical Centre of Excellence Abuja

February 21, 2024
African Medical Centre of Excellence

By Adedapo Adesanya 

African instrumental infrastructure solutions provider, Africa Finance Corporation (AFC), has signed an equity investment term sheet, pledging up to $40 million towards the construction of an Abuja-based hospital, the African Medical Centre of Excellence (AMCE).

The quaternary-level multi-specialty medical institution developed by the African Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London, aims to revolutionise healthcare in Africa.

Hospitals across West Africa struggle with funding, lack of essential resources, and limited access in rural areas. This flagship facility in Abuja is a key part of Afreximbank’s network of healthcare facilities, actively countering brain drain, reducing medical tourism, and fostering employment opportunities.

The 500-bed medical health facility will strategically harness King’s College Hospital’s 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 aims to reduce 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.

AMCE Abuja will be executed in four phases over six years, which started with the groundbreaking ceremony in December 2021 by former President Muhammadu Buhari, and is set to commence operations in early 2025.

As a new shareholder, AFC will play a pivotal role in the first phase which involves building an initial 170-bed specialist hospital, set to expand to 500 beds by the third phase. With construction over halfway complete, the facility is on track to commence operations in the first quarter of 2025.

The agreement was signed at the inaugural AMCE African Health Forum in Abuja on Wednesday, according to a statement seen by Business Post.

Speaking on the deal, AFC President & CEO, Mrs Samaila Zubairu, 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.

“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.”

President and Chairman of the Board of Directors of Afreximbank, Mr Benedict Oramah, pointed out that “This collaboration exemplifies the power of cooperation among African Development Finance Institutions in driving impactful projects that benefit our communities and promote sustainable growth.

“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. We invite more partners to join us in this crucial endeavour to revolutionise healthcare in Africa and make a lasting impact on the well-being of our communities.”

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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