The projects, jointly worth around $140 million and located
in East and West Africa, were previewed for potential investors.
The roundtable, held 21 October, is part of a series of
events organized by the Africa Investment Forum and hosted by the Atlantic
Council to drum up interest in the Forum’s upcoming Market Days, where a range
of investment opportunities will be unveiled. The invited participants
represented the pharmaceutical and healthcare sectors.
The first opportunity, with a project cost of $96 million,
is for the development of a 250-bed specialist hospital offering world-class
healthcare services in a West African country. Feasibility studies have been
undertaken and the land has been secured. The second, entails the construction
of a $45 million WHO-prequalified vaccine production plant in East Africa that
will be capable of routine production of three vaccines, including for
Covid-19.
After the presentations, a panel of investors provided their
insight on investing in Africa’s healthcare sector. The panelists were Rhulani
Nhlaniki, sub-Saharan Africa Cluster Lead at Pfizer; Jean-Philippe Syed,
Principal with private equity firm Development Partners International; Afsane
Jetha, Managing Partner & CEO at private equity firm Alta Semper Capital;
Stavros Nicolaou, Senior Executive – Strategic Trade at Aspen Pharmacare; and
Dr. Dumani Kula, Chief Operating Officer for Africa with Evercare Group, a
healthcare company. Aubrey Hruby, a Senior Fellow with the Atlantic Council’s
Africa Center, moderated.
Syed said the African
hospital sector, and in particular health tourism, had suffered as a result of
pandemic-related travel restrictions.
Nicolaou said Africa’s disease burden—the highest of any
continent—made preventive care, including vaccines, all the more important for
Africans. The need for pharmaceuticals will increase the requirements for
partnerships that can overcome constraints such as research & development.
Other challenges mentioned by the participants include
overcoming cold chain and last-mile-delivery issues, and ways to scale up pilot
technologies, such as the use of drones to facilitate vaccine delivery.
Health is one of five priority investment sectors under the
Africa Investment Forum’s Unified Response to Covid-19 (https://bit.ly/3nnig7l)
pillars. The others are agribusiness, energy and climate change, ICT/Telecoms,
and industrialization and trade.
At a panel discussion organized by the University of
Edinburgh last week, Africa Investment Forum Senior Director Chinelo Anohu
referenced the East Africa vaccine plant project in the context of Africa’s
current limited access to Covid-19 vaccines. Through trade and investment,
particularly in its pharmaceutical sector, the continent can avoid vaccine
inequity, Anohu said.
“What we’re looking to provide with the Africa Investment
Forum is a co-investment platform where you mobilize domestic investors,
mobilize project sponsors for the continent, and then mobilize international
investors, those who are looking to make an investment and get a profit,” Anohu
said.
The Africa Investment Forum aims to channel investment into
Africa. Its 2021 Market Days, to be held on 1-3 December, will showcase transformative investment
opportunities from across the African continent, many with the potential to
drive Africa’s recovery from the Covid-19 pandemic.
The Africa Investment Forum was launched in 2018 by eight
founding partners: The African Development Bank, Africa 50; the Africa Finance
Corporation; the African Export-Import Bank; the Development Bank of Southern
Africa; the Trade and Development Bank; the European Investment Bank; and the
Islamic Development Bank.
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