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AFC to invest $40m in new Nigeria-based medical center

Daba Finance/AFC to invest $40m in new Nigeria-based medical center
AFRICAN STOCKS AND FINANCEFebruary 25, 2024 at 3:50 PM UTC

TLDR

  • AFC commits $40 million equity investment in the African Medical Centre of Excellence (AMCE) Abuja hospital
  • AMCE Abuja hospital, in partnership with Afreximbank and King's College Hospital, aims to address oncology, cardiology, and hematology
  • Visionary medical facility focusing on research, education, and development to set new healthcare standards in Africa

The Africa Finance Corporation (AFC), a key player in providing infrastructure solutions across the continent, has committed to an equity investment in the construction of the African Medical Centre of Excellence (AMCE) Abuja hospital. Through a term sheet agreement, AFC has pledged up to $40 million to support the development of this visionary medical health facility.

The AMCE Abuja hospital, envisioned as a state-of-the-art facility with 500 beds, is a collaborative effort between Africa Export-Import Bank (Afreximbank) and King’s College Hospital, London (KCH). The agreement to support this initiative was formalized during the inaugural AMCE African Health Forum held in Abuja.

This project aims to leverage KCH's extensive expertise in diagnostics, clinical services, and capacity-building to address three key non-communicable diseases: oncology, cardiology, and hematology. With construction over halfway complete, the facility is on track to commence operations in the first quarter of 2025.

Key Takeaways

The African Medical Centre of Excellence (AMCE) represents a crucial initiative aimed at addressing the significant challenges facing the healthcare sector across the continent. With a severe infrastructure deficit and a shortage of qualified medical professionals, the healthcare system in Africa struggles to meet the needs of its population. Government-owned facilities are often overwhelmed, leading to reliance on medical tourism and placing additional burdens on patients. The AMCE seeks to mitigate these challenges by contributing to job creation and capacity-building in the healthcare sector. During its construction and operational phases, the project is expected to create approximately 3,000 jobs, while employing over 200 individuals once operational. Moreover, the facility will offer training opportunities for doctors and nurses, helping to address the shortage of qualified medical practitioners. In addition to job creation and capacity-building efforts, the AMCE aims 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. By offering advanced medical services and facilities, the center seeks to reduce the need for medical tourism and improve access to quality healthcare for patients across the continent.

Healthcare
Nigeria
AFC
Afreximbank
Kings College Hospital
African Medical Centre of Excellence
Infrastructure
Infrastructure Finance

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