Africa: Eca and Abchealth Partner On Investment Summit

21 September 2021

The United Nations Economic Commission for Africa (ECA), the African Business Coalition for Health (ABCHealth) and National Institutes of Health (NIH), will host a virtual Africa Investment Summit on Health 2021(AIS) on 20th September 2021 on the margins of the 76th United Nations General Assembly.

The summit is expected to bring together African heads of government and ministers, continental, regional and global business leaders, and development institutions to discuss strategies that will significantly increase access to vital health commodities and supplies in Africa leveraging the African Continental Free Trade Agreement (AfCFTA) and African Medicines Agency (AMA).

Commenting on the partnership, ABCHealth Chairman, Aigboje Aig-Imoukhuede, said:"We are confident of the impact this partnership will bring to bear on the continent. It is our firm belief that with the public and private sectors working together, combining political will with business knowledge, Africa's health sector can be built to the point where it will deliver affordable health to Africans in an equitable manner."

Also speaking, ECA Executive Secretary, Vera Songwe, said: "Investing in health is not just a social good, it also makes a good business case. Prior to the COVID-19 pandemic, business opportunities in the healthcare and wellness sector in Africa were estimated to be $259 billion by the year 2030, with the potential to create 16 million jobs. The pharmaceutical industry alone was estimated to be $60 billion in 2020 and is still growing. The AfCFTA-anchored Pharma Initiative represents lucrative private sector investment and innovation opportunities that will change lives, reduce poverty and contribute to Africa's inclusive and sustainable economic development."

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