A lack of available financing isn’t the barrier to expanding Africa’s manufacturing sector for COVID-19 and other vaccines, said speakers taking part in an Africa Centres for Disease Control and Prevention stakeholder meeting Tuesday. Instead, the problem is the low number of bankable projects — with strong financial, economic, and technical plans in place — ready for financing.
Currently, 99% of all vaccines on the continent are imported, but the African Union aims to produce 60% of the vaccines it needs by 2040. This is expected to cost about $30 billion, according to Africa CDC, over the next two decades.
“While funding for deals exists on the continent, a challenge has been faced around identifying bankable projects which are ready to be funded,” said Markos Abebe, senior researcher at the Armauer Hansen Research Institute.