- EUR 250 million for the health of the African population
- Goal: to vaccinate 60 per cent of the population against COVID-19
- Mitigating the economic impact of the coronavirus pandemic
On behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), KfW signed a loan agreement with the multilateral Afreximbank (African Export-Import Bank) for a promotional loan of EUR 250 million for the acquisition, distribution and production of vaccines and medical supplies and for drugs to treat COVID-19. The bank has 51 African member states. It is headquartered in Cairo, Egypt.
The Afreximbank COVID-19 Intervention Programme gives loans to countries that cannot afford to provide vaccines from their own liquidity. The bank also awards funds to companies that manufacture medical goods and pharmaceuticals. And finally, funds are also available for a special initiative launched with the United Nations Economic Commission for Africa (UNECA) to support capacity-building projects for African manufacturers, suppliers and importers of food and medical aid supplies. The measures are designed to combat the current coronavirus pandemic and to prevent future pandemics.
“The African continent has been hard hit by the consequences of the coronavirus pandemic. This is why it is important to reduce the impact on the health of the population and the economy. The development and strengthening of local production capacities for vaccines and medical products aims to promote the self-reliance of African countries in their response to the pandemic and reduce dependence on non-African products and international supply chains,” said Christiane Laibach, Member of the Executive Board at KfW Group.
The African Union’s goal is to vaccinate at least 60 per cent of the African population by 2022.
Information about KfW Development Bank can be found at:
Dr Charis Pöthig
Phone +49 69 74 31 46 83
Fax +49 69 74 31 32 66