The African Export-Import Bank (Afreximbank) (www.Afreximbank.com) and MobiHealthCare Limited (MobiHealth) have signed a project preparation facility agreement that is expected to bolster the expansion of Mobihealth’s telemedicine services in Nigeria, and also assess the feasibility of establishing similar services in Egypt, Ghana, Kenya and Cote d’ Ivoire.

Under the terms of the agreement, Afreximbank will part-finance project preparatory activities that will leverage MobiHealth’s successfully integrated telemedicine proprietary platform, initially piloted in Nigeria, to the four additional countries. This initiative is expected to rapidly lead to the establishment of a network of telemedicine clinics across Africa, fully equipped with out-patient facilities. The project preparation facility of up to US$ 1.5 million is expected to advance the Project to bankability, whereupon this is expected to unlock further investments estimated at US$ 65 million.

The preparatory facility will expedite the deployment of digital healthcare solutions, enhancing access and efficiency, and quality healthcare. MobiHealth’s platform utilizes local and diaspora medical professionals who are able to diagnose and prescribe to patients remotely. This reduces waiting and travel times, provides new ways to serve harder-to-reach population and removes barriers for the underserved population.

Additionally, Afreximbank will serve as the mandated lead arranger, overseeing senior debt syndication for the project implementation.

The MobiHealth transaction was originated from the Africa Investment Forum (AIF) platform under its flagship ‘Women as Investment Champions’ initiative. Afreximbank is one of the founding partners of the AIF. The AIF has been instrumental in mobilizing a US$1.0 million grant for MobiHealth from the United States Trade and Development Agency (USTDA).

Commenting on the agreement, Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank, said “This initiative will fundamentally reshape the delivery of healthcare services with broader implications for healthcare services across the continent. We will not only be embracing digital technology but also harnessing the same to help our member countries accelerate their progress towards the attainment of Universal Healthcare Coverage, and improve equitable access to quality, affordable healthcare. Afreximbank is pleased to join USTDA to support bankable studies and services to ensure advancement of this impactful health project.”

Dr. Funmi Adewara, Chief Executive Officer and the project sponsor of MobiHealth, said: “The signing of this facility agreement marks yet another significant milestone in MobiHealth’s quest to proffer digital healthcare solutions across the continent. We are thrilled to have the support of Afreximbank, a pan-African multilateral financial institution with the scale and capacity to enable us to achieve this objective in a timely manner. Their involvement is a strong validation for our business model and I would like to laud Afreximbank, AIF and USTDA for their visionary leadership and steadfast commitment to support the provision of quality healthcare to African citizens.”

Mrs Chinelo Anohu, AIF’s Senior Director said: “This is a ground-breaking achievement for a female-led startup given the challenges they are known to face especially when it comes to access to financing, and we are very excited to have supported Mobihealth on this funding with Afreximbank, one of AIF’s founding partners. Mobihealth’s innovative mobile health solutions is a game changer for a continent where so few are able to access healthcare and will therefore make a huge difference in Nigeria and the wider Africa continent, particularly for the 70% that live in rural areas and have little or no access to basic healthcare”.

Distributed by APO Group on behalf of Afreximbank.

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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

For more information, visit: www.Afreximbank.com

Africa Finance Corporation (AFC) (www.AfricAFC.org), the continent’s leading infrastructure solutions provider, has been bestowed the Panafrican Champion award at the just concluded 2024 Africa CEO Forum in Kigali, Rwanda. This accolade recognises AFC’s outstanding contribution to the instrumental development and integration of infrastructure and industrial value chains across the African continent, reinforcing its role as a pivotal player in driving sustainable economic growth.

The CEO Forum Awards, held annually, celebrates excellence in leadership and innovation among Africa’s foremost businesses and leaders. This year’s ceremony brought together an illustrious gathering of industry captains, policymakers, and thought leaders to recognise achievements that are transforming the African business landscape.

AFC’s receipt of the Panafrican Champion Award underscores its commitment to pioneering projects that address the continent’s critical infrastructure needs. Some notable projects over the past year that contribute significantly to tackling Africa’s infrastructure deficit include Djibouti’s first wind farm, with AFC as lead developer supporting plans to become the first African country wholly reliant on renewable sources for energy, and the Lobito Corridor rail project, with AFC again as lead developer working alongside the US, European Union and governments of Angola, DRC and Zambia to facilitate critical logistics to support value added processing and industrialisation, connecting the trade flows between the Atlantic and Indian oceans. Alongside its partner Arise IIP, AFC is financing industrial activity, enhancing local value creation through export focused industrial parks and enabling rapid livelihood improvement through job creation and regional prosperity. The AFC and Arise IIP Special Economic Zones are now present to 10 West and Central African countries, focusing on essential sectors including food security, textiles and minerals.

“We are truly honoured to receive this prestigious award from an institution of such high repute like the Africa CEO Forum,” said Samaila Zubairu, AFC President&CEO. “This recognition is testament to the fact that AFC’s impact goes beyond the mere financing of infrastructure solutions in our core sectors of power, natural resources, transport and logistics, heavy industry, and technology, we aim to activate transformative change across Africa. Our mission is to continue to drive critical infrastructure projects that advance rapid industrialisation, support the beneficiation of Africa’s abundant natural resources and create local jobs for a more prosperous Africa.”

AFC has achieved notable progress in the last year, reinforcing the Corporation’s role as a pivotal force in Africa’s infrastructure and financial landscape. The Corporation successfully raised funds of about US$ 2.4 billion from global capital markets, expanded its membership to 43 countries and diversified its shareholder base with Egypt as its first North African shareholder and Turk Eximbank as its first non-regional shareholder. These developments affirm AFC’s unwavering commitment to Africa’s economic evolution and underscore the Corporation’s critical contribution to the continent’s infrastructural enhancement and industrial growth.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

Media Enquiries:
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile : +234 1 279 9654
Email: yewande.thorpe@africafc.org

About AFC:
AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 43 member countries and has invested US$13 billion across Africa since inception.

www.AfricAFC.org

The Congolese government has lauded the African Development Bank Group for its vital support to the nation’s development, particularly in infrastructure, where the Bank stands as the country’s key partner.

Government representatives gave the commendation during a three-day visit by the African Development Bank Group’s Vice-President for Regional Development, Integration and Business Delivery, Marie-Laure Akin-Olugbade, during which she engaged with several ministers on political dialogue and support for the Bank’s operations.

Jean-Jacques Bouya, Congo’s Minister of State for Regional Development, Infrastructure and Road Maintenance lauded the “very positive cooperation with the African Development Bank in the infrastructure field” and expressed eagerness to expand this partnership, highlighting the Bank’s comparative advantage in funding infrastructure across the continent. 

The Bank Group has significantly contributed to Congo’s infrastructure development, including the construction of the Ketta-Djoum road, part of the Yaoundé-Brazzaville corridor, and the first section of the Ndende-Dolisie road linking Congo to Gabon. The Bank also funded fiber-optic networks connecting Congo to Cameroon and the Central African Republic and is financing studies for a road-rail bridge between the two Congos. Alongside Africa50, the Bank is leading efforts in resource mobilization for these projects.

Minister Bouya presented Akin-Olugbade with studies of various road projects funded by the Bank and sought support for hydroelectric dam studies on the River Congo. The Bank committed to reviewing the request to help address Congo’s energy deficit, which is hampering economic and social development. Bouya also indicated that Congo plans to present some bankable projects at the African Investment Forum, 2024 Market Days scheduled to take place in Rabat in December.

Olga Ghislaine Ebouka-Babackas, Minister of Planning, Statistics and Regional Integration, emphasized the need for capacity building to optimize development assistance. She noted the need for the Bank’s support to ensure that management units and sector-specific ministries are adept at navigating financial procedures required by international partners.

Minister of Agriculture, Livestock Farming and Fisheries, Paul Valentin Ngobo, and Akin-Olugbade discussed a mid-term evaluation of the Integrated Agricultural Value Chains Development Project (PRODIVAC). This initiative aims to bolster the maize/cassava sectors and enhance seed production capacities. Ngobo also outlined the Agenda for Agricultural Transformation in Congo (ATAC), a government program to advance the agricultural sector.

Minister for the Environment, Sustainable Development and the Congo Basin, Alerte Soudan-Nonault, highlighted the challenges in mobilizing climate finance and advocated for Congo’s access to all Bank funding mechanisms. Akin-Olugbade mentioned the Bank’s technical support for the ‘Congo Basin Blue Fund’s readiness project and ongoing efforts to create a carbon exchange and incorporate natural resources into GDP calculations for African countries.

Jean-Baptiste Ondaye, Minister of Economy and Finance acknowledged the Bank’s support in Congo’s reforms program with the International Monetary Fund. At the end of 2023, the Bank provided Congo with $92 million in budget support, helping the country address urgent challenges. Ondaye assured that Congo would meet its commitments to the African Development Bank and other partners.

Akin-Olugbade outlined the Bank’s new Ten-Year Strategy (2024-2033), focusing on accelerating the “High 5” strategic priorities, aligning with the Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063, against the background of reforming the international financial architecture. The strategy emphasizes gender equality, youth support, and climate change, particularly mobilizing climate funding.

Discussions included the possibility of opening a Country Office in Congo and the government’s preparations to host the Bank Group’s Annual Meetings in 2026. The upcoming resource replenishment meeting of the African Development Fund, the concessional funding window for low-income African countries, was also highlighted.

Akin-Olugbade introduced Olivier Béguy as the new resident country economist, succeeding Sié Antoine-Marie Tioyé, whose mission had ended.

The Vice-President’s delegation included the Bank’s Director General for Central Africa, Serge N’Guessan, his deputy Solomane Koné, who is also the Country Manager for Congo, outgoing resident country economist Tioyé, Regional Lead economist Hervé Lohoues, and Principal Country Program Officer, Mohamed Coulibaly.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contact:
Romaric Ollo Hien,
Communications and External Relations Department,
media@afdb.org

About the African Development Bank Group: 
The African Development Bank Group (AfDB) is the premier multilateral financing institution dedicated to Africa’s development. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NSF). The AfDB has a field presence in 41 African countries, with an external office in Japan, and contributes to the economic development and social progress of its 54 regional member states.