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Afreximbank, IsDB, Others Launch $1.5bn COPREFA Fund

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Afreximbank

By Adedapo Adesanya

The African Export-Import Bank (Afreximbank), the International Islamic Trade Finance Corporation (ITFC), the Trade Finance Arm of the Islamic Development Bank (IsDB) Group; and the Arab Bank For Economic Development in Africa (BADEA) are to launch a $1.5 billion Collaborative COVID-19 Pandemic Response Facility (COPREFA) to help the continent get back on its feet.

COPREFA will be accessed by eligible central banks, commercial banks and businesses to finance the import of medical supplies, as well as agricultural equipment and fertilizers essential for addressing the pressing food production deficit.

The programme is also designed to support African economies to overcome a myriad of challenges, including commodity price shocks, a significant drop in tourism, and disruption to supply chains and export manufacturing.

It will also address the sudden declines in financial flows, including a drop off in trade and project finance, migrant remittances, portfolio investment and Foreign Direct Investments.

A key attribute of the COPREFA facility is the speed at which financial assistance can be provided through all partners involved. The impact of the COVID-19 pandemic has proven to be fast-paced, requiring support that can be deployed quickly and flexibly to prevent sharp declines in national economies.

Standard eligibility criteria and credit appraisal process have been developed by COPREFA partners in order to facilitate the implementation of the facility. Support will be available through direct funding, lines of credit, confirmation and refinancing of documentary credits; guarantees, cross-currency swaps and other similar instruments.

The co-financed facility, led by Afreximbank leverages strategic partnerships with other Multilateral Financial Institutions and other international financial institutions in co-financing, risk-sharing of transactions and promoting integrated trade solutions, to support African economies on navigating the impact of COVID-19.

Afreximbank has a strong track record of supporting African economies during financial crises. In 2015, the Bank disbursed more than $10 billion through a Counter-Cyclical Trade Liquidity Facility (COTRALF) to help member countries manage the adverse economic fallout of commodity price shocks.

In March 2020, a financial package called the Pandemic Trade Impact Mitigation Facility (PATIMFA) was launched solely by Afreximbank to support economies through the pandemic – a facility of which over US$5 billion has been disbursed, will be implemented alongside COPREFA.

Established 45 years ago, BADEA as international development finance institutions (DFIs) with the objective of supporting economic, financial and technical cooperation between Arab and African countries through a wide range of financing instruments that have been enhanced and diversified to meet the economic needs of beneficiary countries.

Speaking on this partnership, Mr Benedict Oramah, President of Afreximbank, said: “The COVID-19 pandemic has devastated many economies. Africa has not been spared. Afreximbank’s priority has always been to step-up when markets fall. That is why we are supporting African economies forcefully at the time of great difficulties.

“COPREFA, a product of a unique international partnership, is a major contribution to the global fight against the pandemic and will work alongside our other programs to ensure Africa’s future remains bright beyond this economic shock. We thank our partners for the confidence.”

On his part, Mr Hani Salem Sonbol, CEO of ITFC, said: “Providing fiscal bandwidth and practical support to SMEs and medical communities in African countries will deliver immediate relief from the supply side restraints on personal protective equipment caused by the pandemic. ITFC has worked extensively since the very start of the COVID-19 outbreak to provide comprehensive support to some of the most vulnerable countries.

The multilateral arrangement that ITFC is embarking upon with our strategic partners will boost economic activity when and where it is needed most and help many countries maintain food security at a time when global commodity supply chains are being challenged and import activity sharply reduced.”

The Director-General of BADEA, Mr Sidi Ould said: “DFI’s as the Arab Bank for Economic Development in Africa (BADEA), with its partners, has been and will always be; supporting the continent through tough and good times as a reliable, strong and resourceful financial institution.

“And since the COVID-19 pandemic posed drastic challenges that are reshaping the scene of the global economy, we sought that it will require unprecedented cooperation and measures to tackle these challenges.

BADEA has joined the fight against the pandemic by allocating a gross amount of more than USD 500 million in the COPREFA and other initiatives. These allocations will be utilised to ease the negative impacts of the pandemic on African economies and ensure the flow of essential strategic commodities on the continent.”

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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Health

Jacaranda Gets Funds to Expand Affordable Maternal Healthcare in Kenya

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Jacaranda Maternity

By Modupe Gbadeyanka

To expand affordable healthcare in Kenya, Swedfund has invested about $600,000 into Jacaranda Health Limited (Jacaranda Maternity) to support innovations in neonatal intensive care and strengthen Jacaranda’s ability to provide life-saving services to underserved populations.

Jacaranda Maternity provides high-quality maternal health care at more affordable pricing than typical private providers, focusing on women in Nairobi’s low- and middle-income communities.

The new funding will support the opening of new hospitals, upgrading of neonatal care, and improvements to existing facilities.

Maternal and newborn health outcomes in Kenya remain a challenge, with maternal mortality still high despite improvements in skilled birth attendance.

Public health facilities play a central role but face capacity constraints, while access to reliable, quality care varies across regions and income groups.

Private healthcare providers offering essential maternity services at accessible price points can complement public provision.

Jacaranda Maternity aims to expand its network to six hospitals to achieve financial sustainability while scaling its impact. The healthcare provider is a recognised leader in promoting women’s health, with 71 percent of its staff being women, and a track record of effective environmental and social management.

“This investment will help Jacaranda Maternity provide life-saving care to more women and families while furthering Swedfund’s mission to promote inclusive and sustainable healthcare,” a Senior Investment Manager at Swedfund, Audrey Obara, said.

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Nigeria Secures $350,000 FAO Support to Tackle Rising Bird Flu

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By Adedapo Adesanya

Nigeria will get a $350,000 intervention from the Food and Agriculture Organisation of the United Nations (FAO) to support its response to the ongoing outbreak of Highly Pathogenic Avian Influenza (bird flu) and strengthen the country’s animal health systems.

An agreement was reached on Wednesday during a strategic meeting between the Minister of Livestock Development, Mr Idi Mukhtar Maiha, and the FAO Representative to Nigeria and the Economic Community of West African States, Mr Hussein Gadain, in Abuja.

The intervention, approved under FAO’s Technical Cooperation Programme, will support disease containment efforts in 11 affected states and enhance surveillance, coordination and response mechanisms to prevent further spread of the disease.

Speaking during the meeting, Maiha said effective disease control remains critical to improving livestock productivity and protecting the livelihoods of farmers across the country.

He explained that factors such as drought, scarcity of feed, interaction between livestock and wildlife, as well as cross-border movement of animals have contributed to the spread of diseases in some areas.

“We must continue to strengthen our animal health systems and build the capacity required to respond effectively to disease outbreaks. Our collaboration with FAO will help protect livestock assets, improve productivity and support the broader transformation of the sector,” the minister said.

Mr Gadain commended the federal government’s commitment to the development of the livestock sector and assured that FAO would continue to provide technical support to Nigeria.

He stressed the need to strengthen veterinary services at the state and community levels, improve early detection of diseases and promote biosecurity practices among livestock farmers.

The meeting also reviewed progress on the global campaign to eradicate Peste des Petits Ruminants, a highly contagious disease that affects sheep and goats.

To advance the initiative, the ministry plans to convene a national technical meeting involving veterinary institutions, researchers and practitioners to review Nigeria’s eradication strategy and address gaps in vaccine supply.

As part of preparations, the ministry will engage the National Veterinary Research Institute to assess its vaccine production capacity while exploring other options for vaccine procurement to meet national demand.

Both parties also agreed to accelerate Nigeria’s access to financing under the Pandemic Fund through the One Health approach in collaboration with the Nigeria Centre for Disease Control and the Federal Ministry of Health to strengthen preparedness and response to zoonotic diseases.

Plans are also underway for the Director-General of FAO to participate in the Antimicrobial Resistance Conference scheduled for June 2026 in Abuja, where President Bola Tinubu is expected to be recognised as the African Champion for the eradication of Peste des Petits Ruminants.

The meeting further agreed to inaugurate a Livestock Donor Working Group to coordinate development partner support and advance key initiatives, including the development of a national feed and fodder strategy aimed at improving productivity and sustainability in the livestock sector.

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Chimamanda: Euracare Raises Concerns Over MDCN Investigation Panel Process

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Euracare

By Aduragbemi Omiyale

A Lagos-based healthcare facility currently in the limelight, Euracare Multi-Specialist Hospital, has faulted the outcome of the investigation panel of the Medical and Dental Council of Nigeria (MDCN) on the death of a 21-month-old Nkanu Nnamdi Esege, son of a renowned author, Chimamanda Ngozi Adichie.

The toddler died some weeks ago after an alleged overdose of sedative propofol, with the family alleging medical negligence.

This week, the panel suspended the two doctors of Euracare, Dr Tosin Majekodunmi and Dr Titus Ogundare.

Reacting to the development in a statement, the hospital claimed it observed “a number of serious concerns that have arisen in the course of these proceedings.”

In the statement made available to Business Post, Euracare emphasised that it vouches for the “professionalism and integrity of our clinical team,” pointing out that “certain established processes and protocols have not been followed in the manner required” during the probe.

While it empathised “with the family of Master Nkanu Nnamdi Esege” over the unfortunate incident, the healthcare firm said there was a “serious breach” by the investigators that “cannot go unaddressed.”

It identified this breach as the disclosure of “matters covered by patient and institutional confidentiality” outside the appropriate channels.

Below is the full statement from Euracare;

Our attention has been drawn to widespread media reports concerning the interim suspension orders and other findings issued by the Medical and Dental Practitioners Investigation Panel against thirteen doctors, two of whom are our clinical staff members in connection with the ongoing proceedings relating to the death of Master Nkanu Nnamdi Esege. We remain fully committed to cooperating with all relevant regulatory and judicial authorities in the course of their inquiries.

We however wish to place on record our confidence in the professionalism and integrity of our clinical team. Dr. Tosin Majekodunmi and Dr. Titus Ogundare who are experienced professionals whose records of service to patients in Nigeria span many years. Both doctors have, in their respective careers, contributed meaningfully to the delivery of quality healthcare to Nigerian patients at a standard comparable to what is obtainable in the world’s leading medical facilities.

In the interest of transparency, since the commencement of this matter, we have conducted a thorough internal review of the clinical events in question, in line with our clinical governance standards and best practices. We have actively demonstrated our commitment to transparency and will continue to engage openly with all inquiries directed at us.

We are also compelled to draw attention to a number of serious concerns that have arisen in the course of these proceedings. It is our position that certain established processes and protocols have not been followed in the manner required. We have further noted, with deep concern, that matters covered by patient and institutional confidentiality appear to have been disclosed outside the appropriate channels, and we consider this a serious breach that cannot go unaddressed.

We wish to state that we stand by the principles of equality, fairness, and good governance. Every party in this matter, including our institution and our staff, is entitled to a process that is conducted with rigour, impartiality, and respect for the rules that govern it. We will be raising these concerns through the appropriate legal and regulatory channels.

We continue to empathize with the family of Master Nkanu Nnamdi Esege. The loss of a child is a grief without measure, and we carry that awareness in everything we say and do in relation to this matter.

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