African Development Bank, Pandemic Fund sign agreement to leverage resources for pandemic preparedness
The African Development Bank (www.AfDB.org) Group has signed an agreement to become an implementing entity of the Pandemic Fund (https://apo-opa.co/4h0TQu3). This enables the Bank to coordinate financing of the Fund's approved projects in Africa, as well as to participate in a call for proposals for financing investments scheduled to launch next month.
The financial procedures agreement, signed in January with the World Bank Group (the International Bank for Reconstruction and Development acted as a trustee for the Pandemic Fund), qualifies the African Development Bank to participate in a share of $500 million in Fund Secretariat financing for proposals for pandemic-related programs, projects and policies, with a focus on low and middle-income countries.
The Pandemic Fund is a partnership among donor countries, co-investors, foundations and civil society organizations hosted by the World Bank. The World Health Organization acts as the technical lead. The Fund assists countries and regions to strengthen their health systems and increase their investments, enabling them to boost pandemic prevention, preparedness and response capacities.
'There is growing demand from African countries for support to overcome gaps in national health infrastructure exposed by the Covid-19 pandemic and other health crises. As a Pandemic Fund implementing entity, the African Development Bank is capitalizing on our experience combining infrastructure financing with complementary support to improve the quality of life for the people of Africa,' said Dr. Beth Dunford, Bank Vice President for Agriculture, Human and Social Development.
The Fund's call for proposals will be in phases: the first phase will be open to single and multi-country proposals in March 2025; the second phase launches in June 2025 for regional proposals.
To date, the Pandemic Fund has financed two calls for proposals and approved 47 projects impacting 75 countries in six regions across the globe. On average, 43 percent of its resources have been allocated for countries in sub-Saharan Africa, the region with the highest demand for Pandemic Fund grants. Under the second call for proposals, more than half of the funds awarded went to sub-Saharan Africa.
As an implementing entity, the African Development Bank will also play an oversight role, providing implementation support to beneficiary implementing organisations, as well as providing financial and progress reports to the Fund's Governing Board.
The Bank's collaboration with the Pandemic Fund aligns with its Strategy for Quality Health Infrastructure in Africa that seeks to enhance healthcare infrastructure and improve health outcomes in Africa.
In June 2023, the Bank approved approximately $124 million in financing for healthcare access expansion in Morocco. The country's 'Program to Support Inclusive Access to Healthcare Infrastructure' inboosts the country's specialized healthcare services in women and children's centers, supports building and equipping hospitals, and equips remote sites with telemedicine and teleconsultation facilities.
Dunford says continued collaborating with the Pandemic Fund can help more Africans experience the benefits of strengthened healthcare systems.
'As Africa's premier financial institution, we are ready to provide relevant support to beneficiary implementing organisations, the Bank's regional member countries, and regional economic communities in the Pandemic Fund's third call for proposals. The Bank will leverage resources from the Fund, alongside our funding instruments, for bigger and better results,' she added.
The Pandemic Fund was established in September 2022 with the Bank participating as an observer and formally announced two months later at the Group of 20 (G20) meetings in Bali, Indonesia.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Media Contact:
Alphonso Van Marsh
Chief Digital Content and Events Officer
Email: media@afdb.org
About the African Development Bank Group:
The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org
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