Africa Finance Corporation commits up to $40m for Nigeria hospital
Africa Finance Corporation commits up to $40m for Nigeria hospital
AFC has pledged up to $40 million towards the construction of the African Medical Centre of Excellence Abuja hospital.
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Africa Finance Corporation (AFC) has signed an equity investment term sheet, pledging up to $40 million towards the construction of the African Medical Centre of Excellence (AMCE) Abuja hospital. The 500-bed medical health facility is currently being developed by Africa Export-Import Bank (Afreximbank) in partnership with King’s College Hospital, London (KCH).
The project will harness KCH's diagnostic, clinical, and capacity-building expertise and specialise in three core non-communicable diseases – oncology, cardiology, and haematology – with a commitment to world-class research, education, and development capabilities.
The AMCE initiative aims to turn the tide of medical tourism away from the continent by building the first in a series of world-class medical centres of excellence in Africa, thus providing widespread access to critical healthcare in the region.
AMCE Abuja will be executed in four phases over six years. As a new shareholder, AFC will play a pivotal role in the first phase that involves building an initial 170-bed specialist hospital, set to expand to 500 beds by the third phase. With construction over halfway complete, the facility is on track to commence operations in the first quarter of 2025.
AFC president and CEO, Samaila Zubairu said, “Africa’s healthcare sector suffers a severe and alarming infrastructure gap and a shortage of qualified medical practitioners. We are therefore pleased to partner alongside Afreximbank and King’s College Hospital, London, on this epoch-making project that will transform healthcare in Africa and contribute to a reversal in medical tourism. Building a world-class facility that captures medical spend in Africa, promotes specialist skills development, retains and, most importantly, attracts healthcare practitioners in our local communities, aligns well with AFC’s import substitution strategy and we look forward to working with all partners to establish the AMCE as a beacon of medical excellence on the continent.”
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