AfreximBank to facilitate payment for COVID-19 vaccine for 55 African Union Member States

Afreximbank has said that it will facilitate payments for COVID-19 vaccine by providing advance procurement commitment guarantees of up to $2 billion to the manufacturers on behalf of the African Union member states. Afreximbank in a statement said “Following the announcement by the African Union,  African Union Chairperson, President Cyril Ramaphosa on the 14th of January 2021 said that the African Union has secured a provisional 270 million COVID-19 vaccine doses for Africa through its COVID-19 African Vaccine Acquisition Task Team (AVATT), the Africa Medical Supplies Platform AMSP, on behalf of the Africa Centres for Disease Control and Prevention. 

Afreximbank will facilitate payments by providing advance procurement commitment guarantees of up to $2 billion to the manufacturers on behalf of the Member States. While AVATT has secured a provisional 270 million COVID-19 vaccines doses from Pfizer, Johnson & Johnson and AstraZeneca, AMSP – the single-source platform enabling faster, more transparent and cost-effective access to COVID-19 supplies – has opened today pre-orders, offering an equitable access of COVID-19 vaccines doses for 55 African Union member states. “These are historical times. For the first time in history, Africa has secured access to millions of vaccine doses in the middle of a pandemic as most of Western countries,” said African Union Special Envoy Strive Masiyiwa. “There is still a huge shortage of vaccine doses and that is why this continental collaboration has designed a fair allocation coupled with timely and equitable access of COVID-19 vaccines across the continent.” 

“Afreximbank is proud to expand its support to African economies in their bid to contain the pandemic. Our vaccine financing facility builds on the success of our Pandemic Trade Impact Mitigation Facility (PATIMFA) to open access to COVID 19 vaccines to African states based on a whole-of-Africa approach favoured by the African Union”, said Prof. Benedict Oramah, President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank). “By providing advance procurement commitment guarantees of up to US$2 billion to candidate vaccine manufacturers, Afreximbank will ensure that African States are able to rapidly access COVID-19 vaccines, at competitive prices and in a timely manner thereby contributing to saving lives and livelihoods”, he added.

To support vaccination operations, the Africa Medical Supplies Platform  (AMSP) has also launched a new category on vaccine accessories which will help Member States to procure products such as ultra-low temperature freezers, personal protection equipment, cotton wool rolls, syringes and needles. “The biggest challenges to COVID-19 vaccine access in Africa have been financing of the vaccines and the logistics of vaccinating at scale, but we are glad that this gap is being filled by the Afreximbank financing facility. The critical decision now is how to get started so that once we start there will be no disruptions and this is where AMSP will play a very big role,” said Dr John Nkengasong, Director of Africa Centres for Disease Control and Prevention (Africa CDC).