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African healthcare infrastructure: FCFA 6,000 billion fund created.
African healthcare infrastructure: FCFA 6,000 billion fund created.
The African Development Bank, AfDB has approved a FCFA 6,000 billion equity investment in Razorite Healthcare Africa Fund 1 (RHAF1) to help improve healthcare infrastructure delivery across the continent.
According to a communiqué issued by the bank, the scheme is sustainable and shall be used to address threatening health needs. “The 10- year deal, approved on 26 February, will resource the Fund to address growing demands for affordable and quality healthcare services in several countries of Sub-Saharan Africa faced with lack of access to low cost, first- class healthcare,” the announcement read.
RHAF1 will be registered in Mauritius and will provide growth capital to operating healthcare infrastructure facilities which show high potential for growth. It will also build new facilities were identified as necessary.
The Bank earlier unveiled a COVID-19 Response scheme that will mobilize funds to assist regional member countries in fighting the pandemic. The fund will be the institution’s primary channel for addressing the corona virus crisis. Last week, it announced the disbursement of FCFA 1.2 Billion as emergency assistance to fight the outbreak. This was response to an international appeal by the World Health Organization to help equip the Regional Member countries to prevent, detect, investigate, contain and manage detected cases of COVID-19. The discussion to create the fund has been predicated by the current corona virus outbreak. “The advent of the novel Corona virus pandemic has highlighted the need to boost Africa’s healthcare infrastructure system to curb the spread of the pandemic and any future similar crisis and build long-term resilience. Healthcare-focused private equity funds in Africa with the capability to build equipment and an integrated ecosystem across healthcare facilities and service providers are very limited. Target groups include low and middle –income class and vulnerable sectors,” the statement read.
The fund is expected to increase bed capacity in Africa by over 1,500 and create over 500 jobs in the next 10 years.
It will also support the development of local enterprises and private Infrastructure in the healthcare infrastructure sector. The Bank expects its equity investment of FCFA 6,000 billion to catalyse financing from other development finance institutions and commercial investors.
An advisory Board member said the Bank will ensure that the Fund and its portfolio of projects adhere to social, environmental and corporate governance best practices.
Culled from Cameroon Insider