Africa Finance Corporation (AFC), a leading provider of instrumental infrastructure solutions, has signed an equity investment term sheet worth up to US$40 million for the construction of the African Medical Centre of Excellence (AMCE) Abuja hospital. Africa Export-import Bank (Afreximbank), Africa’s leading trade finance bank, is partnering with King’s College Hospital in London to build a 500-bed medical facility. The agreement was signed during the inaugural AMCE African Health Forum in Abuja.
The project aims to leverage KCH’s diagnostic, clinical and capacity-building expertise in oncology, cardiology and haematology, with a focus on world-class research, education and development to become a leader in clinical services.
The AMCE initiative heralds a healthcare revolution in West Africa. The project aims to reduce medical tourism in Africa by establishing world-class medical centres of excellence. This will improve access to critical health care in the region.
AMCE Abuja is a ground breaking medical treatment and research centre that will be built in four phases over six years. AFC, a new shareholder, will help build a 170-bed specialist hospital in the first phase, with plans to expand to 500 beds in the third phase. The facility is expected to open in the first quarter of 2025, with construction already over halfway complete.
The AMCE aims to create 3,000 jobs during construction and operational phases, employing over 200 people and providing training for doctors and nurses. Within its first five years of operation, the facility aims to serve over 350,000 patients in Nigeria and other African countries with cutting-edge care. The initiative aims to attract talent to the continent and improve healthcare access.
AFC President & CEO, Samaila Zubairu, stated “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 100k forward to working with all partners to establish the AMCE as a beacon Of medical excellence on
the continent.”
President and Chairman Of the Board of Directors Of Afreximbank, Benedict Oramah, stated: “We are delighted
that AFC have joined us as strategic partners on this important initiative aimed at addressing Africa’s healthcare infrastructure challenges. This collaboration exemplifies the power Of cooperation among African Development Finance Institutions in driving impactful projects that benefit our communities and promote sustainable growth. By investing in AMCE Abuja, we are not only supporting the establishment Of world-class healthcare infrastructure but also creating opportunities for job creation, skills development and knowledge transfer. We invite more partners to join us in this crucial endeavour to revolutionise healthcare in Africa and make a lasting impact on the well-being Of our communities.”
This collaboration establishes a strong precedent for African Development Finance Institutions (DFIs) to tackle infrastructure challenges throughout the continent. By establishing a world-class medical and health facility in West Africa, these institutions demonstrate their commitment to creating a healthier and more sustainable future for Africa.
