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This followed a Project Preparation Facility Agreement signed by Mr Haytham El Maayergi, Executive Vice President, Global Trade Bank, Afreximbank, and Dr Simon Agwale, Founder and Chief Executive, Innovative Biotech Limited (IBL).
The move, which will propel IBL to the forefront of healthcare innovations, begins with the establishment of a state-of-the-arts vaccine manufacturing facility in Keffi, with the deal operating under the stringent Current Good Manufacturing Practice regulations.
Our correspondent reports that Afreximbank’s contribution is not merely financial, but a pivotal role in providing critical early-stage preparatory capital, aimed at de-risking the project and propel it swiftly towards bankability.
Dr Agwale told THE WHISTLER on Wednesday that, “The intervention aligns seamlessly with the African Union’s visionary goal to ensure that at least 60% of routine vaccines for Africa are produced on the continent by 2040.
“This is the only initiative in Africa that is looking at the entire value chain: research and development, drug substance manufacturing and fill and finish. Africa will never be in a position where we’ll have to depend on other countries for our vaccines. This is a great day for Nigeria and Africa.”
