Finance

African Development Fund invests over $6 million to develop the pharmaceutical sector in Southern and Eastern Africa

African Development Fund invests over $6 million to develop the pharmaceutical sector in Southern and Eastern Africa
Monday, 14 November 2022 11:52

The Board of Directors of the African Development Fund, the concessional lending arm of the African Development Bank Group, on 2 November 2022 in Abidjan, approved a $6.63 million grant to the Common Market for Eastern and Southern Africa (COMESA) to develop the pharmaceutical sector in the sub-region.

The project, which will be implemented over three years (2023-2025), is institutional support to develop the region’s pharmaceutical industry. In particular, it will build the capacity of pharmaceutical regulatory bodies, product quality control and management systems, and research and development institutions. The aim is to achieve the manufacture and marketing of safe, quality pharmaceutical products, for Covid-19 and other diseases.

The project will support the sub-regional body in implementing continental strategies on pharmaceutical manufacturing and assist it in streamlining and harmonizing drug registration processes, as well as ensuring access to essential medical products and technologies. An information platform for pharmaceutical manufacturers, importers and exporters will also be created.

The project will directly benefit public institutions responsible for the pharmaceutical industry’s development, such as national drug regulatory authorities, quality control laboratories, regional pharmacy training providers, universities, and research centres.

“The aim is to empower them to support the pharmaceutical sector so that they can produce safe essential medicines locally for the needs of the population, especially women and children,” said Leila Mokaddem, the African Development Bank’s Director General for Southern Africa.

“Most countries within the region have a weak and underdeveloped pharmaceutical industry. The region is heavily dependent on imports for most of its medical supplies. Furthermore, due to the low local pharmaceutical production, there is a high prevalence of counterfeit pharmaceutical products in circulation, which has serious consequences for the welfare of the region’s people,” she added.

While the project is intended to directly benefit the ADF eligible countries of COMESA, other Bank Group member countries will be allowed to participate in project activities and events, but at a cost.

The Common Market for Eastern and Southern Africa is a regional economic community comprising 21 countries: Burundi, Comoros, Democratic Republic of the Congo, Djibouti, Egypt, Eritrea, Eswatini, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Somalia, Sudan, Tunisia, Uganda, Zambia and Zimbabwe.

 logo BAD

On the same topic
IFC to provide $21.2M financing to Senegal’s Carrefour Médical Funds to expand local production, including dialysis kit components New...
Wise, a UK fintech, has received conditional approval to operate directly in South Africa, marking the company’s first regulated, on-the-ground...
Zazu raised $1 million in pre-seed funding to enter South Africa and Morocco ahead of a 2026 Africa-wide rollout. Over 1,000 SMEs are on...
FG Gold secured $330 million from AFC and Afreximbank for Baomahun, bringing total commitments to $430 million. The project aims to deliver...
Most Read
01

Vodacom Tanzania launches M-Pesa Global Payments, enabling seamless international transactions thr...

Tanzania’s Mobile Money Goes Global: Vodacom Partners with Visa, Alipay, and MTN
02

Kossi Ténou succeeds Badanam Patoki as president of the AMF-UMOA. Ténou brings over 20 years of e...

Togo’s Kossi Ténou Appointed President of AMF-UMOA
03

JA Africa launches $1.5M digital safety program in four African countries Initiative to ...

Google.org, JA Africa to Train Children, Teachers and Caregivers in Digital Safety
04

Francophone Sub-Saharan Africa hosts 860+ startups but faces deep structural weaknesses EY urges...

Major Tech Reforms Needed for Francophone SSA to Attract More Investment, Report Says
05

Botswana and Oman signed strategic agreements that include a 500-MW solar photovoltaic project. T...

Botswana, Oman Agree on 500-MW Solar Project in New Energy Partnership
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.