African Development Bank to invest $3 billion in Africa’s pharmaceutical industry

In recognition of the devastating effects of the COVID-19 pandemic on African economies, the President of the African Development Bank, Akinwumi Adesina, says the bank is willing to help West African countries accelerate growth and development to ensure economic stability.

Speaking at the opening of the 59th ECOWAS Heads of State and Authority summit in Accra on Saturday, June 19, 2021, Mr. Adesina said the continent needs to build a strong healthcare system in order to recover.

“The African Development Bank projects that Africa’s GDP growth will rebound to 3.4% this year. West Africa’s GDP growth is projected to recover from -1.5% in 2020 to 2.8% in 2021 and 3.9% in 2022.”

“Africa should not be begging for vaccines. Africa should be producing vaccines. Africa Development Bank ramps up support to Africa to produce vaccines as part of the vaccines plan for the African Union.”

The bank has thus pledged $3 billion to develop the pharmaceutical industry in the continent.

“The African Development Bank plans to invest in building quality healthcare infrastructure for the continent. AfDB will thus commit $3 billion to develop the pharmaceutical industry in Africa,” he added.

Source: Ghana Business

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