Latest news with #AMCE
Zawya
26-06-2025
- Business
- Zawya
Afreximbank looks to Asia, Mid-East to expand funding sources
The African consensus coming out of this year's World Econom- ic Forum has been that with so much focus trained on the new administration in Washington and the uncertainty that presages for the global order, Africa's issues ended up as some of the 'attention casualties' at this annual gathering. Nevertheless, Denys Denya, Senior Executive Vice President at the African Export-Import Bank (Afreximbank) was not disappointed. 'We are a partnership organisation,' he says, 'so we are looking for partners who can enable us to achieve our objectives. We are talking to partici- pants from all over the world.' Afreximbank's delegation did score some success. 'We had a meeting with the Swiss authorities to explore how they can support us, particularly in the health sector, as we are championing healthcare across the continent through initiatives such as establishing the African Medical Centre of Excellence (AMCE) facilities. We want to help Africa produce more medi- cines and vaccines locally and given Swit- zerland's strong expertise in this area, we believe that through collaboration we can achieve this,' Denya explains. He stress- es that the annual WEF is an important place to take the global temperature, have frank conversations with global movers and shakers and make connections. Those connections will become even more essential for Afreximbank as it seeks to diversify its sources of funding in order to build up its war chest for its ambitious agenda for Africa's development. A few days before my meeting with Denya, the Bank's plans for diversifying its funding sources received a significant boost when the China Chengxin Interna- tional Credit Rating Company (CCXI) as- signed it an 'AAA/Stable' rating - the first African multilateral financial institution to be so rated. This had been allocated on the Bank's very high strategic positioning, its robust risk management framework and its agility and adaptability in business genera- tion, as well as its strong profitability and prudent liquidity management. Denya says this rating will enable the Bank to tap into the capital markets in the world's second largest economy. 'We have investors in the USA, Europe and Japan. Now we are looking at the Chinese market for capital markets access. 'Currently, we have bilateral facilities out of the mainland of China,' he adds. (One of the Bank's shareholders is China Exim.) The favourable rating is thus a wel- come boost to a programme that the SEVP says is already underway. 'We are actually in the process of registering a programme under which we can go to market at any time and issue bonds of any tenor. We've already secured approval from the central bank and appointed advisors in the mar- ket,' he reveals. This option means that the Bank can upscale the diversity of its sources of funding and the risks attached – a pru- dent move in the current climate. 'We don't want to be beholden to only one type of investor or counterparty. So, we are diversifying,' he explains. It is also about the cost of capital itself. 'When you look at the economics cur- rently, it is cheaper for us to raise money in China.' And with trade between Africa and China growing exponentially, raising funds in Chinese yuan will be important for the Bank and its clients around Africa. 'Part of that [funds raised in China] we will convert because currently 85% of our balance sheet is in US dollars. But the future is about positioning ourselves to participate in the evolving dynamics of China-Africa trade,' he explains. Samurai and Panda bonds The foray into China follows a successful Samurai bond issued last year. The Bank needs all the capital it can get, Denya says, because capital is necessary for its growth and expansion plans. While it has grown its balance sheet rapidly over the past five years from under US$10bn to over $30bn today, Denya insists the Bank can grow even faster with more capital. Currently, Afreximbank generates about $700m in profits annually, but it needs to grow its capital base more than just through retained earnings. While its shareholders have responded well to its capital calls ($2.1bn has been raised out of a request for $2.6bn in 2021), the Bank recognises that its shareholders (mainly African countries) have pressing fiscal pressures and can only do so much. That means considering alternatives such as the Panda and Samurai bonds, as well as listing depository receipts on the Mauritian Stock Exchange, as the Bank did in 2017. 'Our ability to raise capital is the limit to our growth. So 30% [growth in our balance sheet] is good but we can grow much faster, maybe even 100%. There's a gap of $80bn in trade finance alone,' he points out. With so much needed and so little available, African development finance institutions have to be innovative and ag- ile. Denya agrees that DFIs must reform to fulfil their mandate as a shield for vulner- able countries. 'If you look at the economic shocks that we have had recently – the end of the commodity super-cycle, Covid, the Ukraine crisis – you find that the continent actually needs DFIs because they can come up with unconventional ways of making things happen.' One initiative that the Bank is solidly behind is the African Continental Free Trade Area (AfCFTA), which seeks to bring all African countries into a single market. However, Denya says while it's proceed- ing faster than other similar agreements, the pace still feels insufficient. 'We are impatient, and rightly so.' While 48 countries have ratified the agreement and key protocols are in place, the on-ground reality reveals persistent hurdles. From inadequate road and rail infrastructure to cumbersome border pro- cesses, moving goods and people across borders remains a challenge. 'Obviously there are still some issues around policy. I still need a visa to visit most of the Af- rican countries. We still don't have free movement of people, which will help in increasing African trade. It needs to hap- pen,' he stresses. Denya reiterates the Bank's support for the agreement demonstrated through a number of initiatives. One is the Pan- African Payments and Settlement Sys- tem (PAPSS), which aims to bypass the reliance on third-party currencies that complicate trade. Afreximbank also or- ganises the biennial Intra-Africa Trade Fair (IATF) which helps showcase regional trade opportunities, with the third edition set for Algeria this year. Yet, more work is required, particularly in harmonising standards across countries to facilitate trade. 'Egypt, for example, exports more to Europe than the rest of Africa because of aligned standards,' Denya notes. Intra-African trade firewall Increased intra-African trade will be one of the firewalls the continent will come to rely on in an era of protectionism and isolationism, which, ironically this year, hung over Davos, the ultimate global- ist Mecca. 'The US is raising tariffs, and countries are likely to retaliate. That can never be good for global trade,' he notes. Against this backdrop, Africa's drive for regional trade becomes even more critical, with the potential to uplift living standards through localised and diversified economic activity. However, high interest rates, a strong dollar, and Africa's enduring risk premium complicates access to afford- able resources, forcing the continent to seek alternative funding. 'Afreximbank,' however, Denya is convinced, 'is prepared. We're diversifying sources – tapping into growing Middle East-Africa trade to reduce reliance on the dollar or euro,' he explains. Another line of defence is the African diaspora and Denya says the Bank is using its annual retreat to court that audience. 'One of the objectives we are pursuing here is the Global Africa agenda - connecting with Africans wherever they are.' Professor Benedict Oramah, the Bank's President and Chairman, has been on an almost evangelical mission to connected with entrepreneurs of African descent everywhere. 'Global Africa is about en- abling Africans from across the globe to work closely together. We haven't really been very successful pursuing individual agendas. But if we work together, I think we can do more,' Denya says. © Copyright IC Publications 2022 Provided by SyndiGate Media Inc. (
Zawya
05-06-2025
- Health
- Zawya
African Medical Centre of Excellence (AMCE) Opens its Doors to the Public as it Seeks to Transform Healthcare in Africa
The African Medical Centre of Excellence (AMCE) officially opened today, marking a historic milestone in Africa's journey towards healthcare sovereignty. The US$300 million tertiary medical facility, developed by African Export-Import Bank (Afreximbank) ( in partnership with King's College Hospital London, welcomed His Excellency President Bola Ahmed Tinubu as guest of honour, represented by His Excellency, Senator Kashim Shettima, Vice President of the Federal Republic of Nigeria, alongside high-ranking Government and private sector officials, including the Minsters of Health, Finance, and Foreign Affairs, Nigeria Customs Services, Nigeria Immigration Services, Nigerian National Petroleum Corporation Limited (NNPCL) and Bank of Industry (BOI), among others. Located in Abuja and designed to meet the highest global standards, AMCE Abuja offers world-class services across oncology, haematology, cardiology, and general medical services. More than a hospital, the facility represents a bold statement of Africa's determination to reduce dependence on foreign health systems and reverse the estimated US$6-10 billion Africans spend annually seeking treatment abroad. The opening of AMCE Abuja comes at a critical time, as Africa seeks to strengthen its healthcare systems and reduce reliance on external providers. The COVID-19 pandemic exposed the vulnerabilities of this reliance, with global supply shortages putting immense pressure on African nations. Similarly, past responses to health crises like Ebola have reinforced the urgent need for resilient, homegrown solutions. Decades after independence, millions of Africans continue to suffer from diseases like sickle cell and malaria, conditions that could be better managed with targeted local research and investment. Yet these illnesses often receive limited global attention or funding, leaving critical treatment gaps. AMCE Abuja represents a bold step forward, bringing world-class care to the continent, centering African health priorities, and laying the groundwork for a healthier, more self-reliant future. In strategic partnership with Bank of Industry (BOI), and Nigerian National Petroleum Corporation Limited (NNPCL), AMCE reflects what's possible when African institutions unite with shared purpose. 'Today, we are not merely unveiling a building, we are making a bold, collective statement: we will no longer accept medical vulnerability as destiny. The African Medical Centre of Excellence stands as proof that Africa is ready to compete with the best in global healthcare. I commend Afreximbank and its visionary President, Professor Benedict Oramah, and salute the partnership with King's College Hospital for turning this audacious dream into reality. This is what happens when African institutions confront African challenges with African solutions. 'Over the past two years, we have taken deliberate steps to transform Nigeria's health sector—from unlocking the healthcare value chain through the Presidential Initiative (PVAC), to expanding pharmaceutical production, regulatory systems, and diagnostic access, and securing over $2.2 billion in new investments through the Nigeria Health Sector Renewal Initiative. But excellence must be sustained. That's why we're investing in the roads, power, and connectivity that enable great institutions to thrive. With the largest stem cell lab in West Africa and plans for a medical school, this Centre is more than a hospital, it is a place to heal the sick, and to train the future.' — H.E. Bola Ahmed Tinubu, GCFR, President and Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria, represented by H.E. Senator Kashim Shettima, Vice President of the Federal Republic of Nigeria Commenting on the momentous achievement, Prof. Benedict Oramah, President and Chairman of the Board of Directors of both Afreximbank and AMCE, thanked the Federal Government of Nigeria for providing the land on which the AMCE stands, adding: " In 2013, I had my own close call when I became seriously ill and was evacuated to King's College Hospital in London, where a frantic battle to save my life ensued. Being here today is a testament to the power of cutting-edge medical research, clinical knowledge, and a solid healthcare ecosystem. The event we mark today is proof that society is better off saving lives than burying its dead, and that it is a living person who can contribute to development and social transformation. This experience led me to conclude that one of the major contributions I could make to Africa was to help Afreximbank deliver on its health and medical strategy in every way possible. Our vision for the African Medical Centre of Excellence is not just to provide top-notch healthcare but to serve as a catalyst for the transformation of the African health sector, making a bold statement to the world that Africa is finally taking its destiny into its own hands in healthcare sovereignty and global standards." President Oramah also announced the launch of the Africa Life Sciences Foundation to act as the vehicle for mobilising appropriate risk capital to drive research efforts and called on African and non-African governments, banks, high net worth individuals and corporate organisations to join the Bank in investing in the hospital, through this platform. Brian Deaver, Chief Executive Officer of AMCE, highlighted the facility's comprehensive approach: "Today, we don't just open a hospital—we launch a healthcare revolution for Africa. AMCE represents a paradigm shift in how specialised medical care is delivered on the continent. Our integrated model encompasses early diagnosis, advanced treatment, and long-term disease management, creating a seamless continuum of care that improves patient outcomes and health experiences." He added: "Our mission extends beyond treatment to include world-class medical education, groundbreaking research, and continuous innovation. By combining international expertise with local talent development, AMCE will build sustainable healthcare capacity that serves generations to come. AMCE's opening signals a new era for Africa — one in which self-reliance replaces dependency, and world-class care is no longer the privilege of a few but the standard for many. By anchoring healthcare delivery, talent development, and innovation on the continent, AMCE is not just stemming the outflow of medical dollars, but redefining Africa's place in the global health ecosystem. Through its clinical partnerships with King's College Hospital, London and The Christie NHS Foundation Trust, AMCE will be home to advance research, education, and medical excellence by fostering continuous knowledge exchange. In its next phase, AMCE will expand to include a second 350-bed hospital, medical and nursing schools, a medical sciences foundation, research centres, and residential facilities. Together, this integrated ecosystem will position Nigeria as a leading hub for specialist healthcare, medical training, and clinical research on the continent. Professor Clive Kay, Chief Executive Officer of King's College Hospital NHS Foundation Trust said, "We are proud to partner with Afreximbank on this important initiative. The African Medical Centre of Excellence represents a positive step forward, and by bringing together world-class clinical standards, training, and research, we aim to share our expertise and support the development of a sustainable model of care that responds directly to the needs of African patients'. Now open, AMCE welcomes patients, healthcare professionals, researchers, and partners to join its mission of delivering world-class healthcare, fostering innovation, and building a healthier, more self-reliant Africa. AMCE is the largest specialised private hospital in Nigeria and West Africa focusing on cardiovascular services, haematology, comprehensive oncology, and general medical services. It currently boasts of 170 beds with a plan to expand this to 500 beds upon completion. It features the largest stem cell laboratory in the region, fifteen post stem cell isolation rooms in West Africa alongside five theatres and three catheterisation laboratories. It also features a 20 bed intensive care unit, six critical care unit beds and 20 chemotherapy chairs with compounding pharmacy among others. Some of the specialised equipment in Nigeria and the region are exclusively hosted by AMCE Abuja. They include the 18 Mev cyclotron, 3 Tesla Magnetic Resonance Imaging, 256 slices computed tomography, brachytherapy machine with iridium source, 4 biosafety cabinets and 128 slices computed tomography machines, among others. Distributed by APO Group on behalf of Afreximbank. Media Contact: Vincent Musumba Communications and Events Manager (Media Relations) Email: press@ Follow us on: X: Facebook: LinkedIn: Instagram: About the African Medical Centre of Excellence (AMCE) Abuja: The African Medical Centre of Excellence (AMCE) Abuja is a tertiary-level multi-specialty medical institution developed by Afreximbank in collaboration with King's College Hospital, London. It is setting new standards in specialty healthcare and patient experience across Africa. Established to address critical gaps, AMCE Abuja is dedicated to providing world-class care through innovative research, development, and education. The AMCE Abuja will deliver comprehensive services in oncology, haematology, cardiovascular care, and general healthcare, with plans for future expansion. Its primary goal is to reduce medical tourism by offering advanced procedures, such as stem cell transplantation, and state-of-the-art treatments for various diseases. The construction phase, supported by global partners, will be followed by a phased rollout over six years, culminating in a 500-bed facility. By tackling healthcare brain drain and reducing medical tourism, AMCE Abuja will create employment opportunities across both medical and non-medical sectors. Following the groundbreaking ceremony in December 2021 by former President Muhammadu Buhari, AMCE Abuja is scheduled to commence operations in early 2025. This flagship facility is a crucial component of Afreximbank's network of healthcare facilities, aiming to address brain drain, decrease medical tourism, and foster job creation. The vision for AMCE is to shape a healthier and more educated future for Africa. About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
Zawya
12-02-2025
- Health
- Zawya
The African Medical Centre of Excellence (AMCE) Unveils Construction Milestones as June 2025 Launch Approaches
The African Medical Centre of Excellence (AMCE), a groundbreaking tertiary medical institution spearheaded by African Export-Import Bank (Afreximbank) ( in partnership with King's College Hospital, London, hosted a high-level stakeholder and media tour to showcase major construction milestones and reaffirm its commitment to revolutionising healthcare in Africa by building a world-class medical city ahead of its highly anticipated June 2025 launch. A distinguished delegation, led by Prof. Benedict Oramah, President of Afreximbank&AMCE Board Chairman, alongside AMCE Board Members, top Nigerian government officials—including Deputy President of the Senate of Nigeria, Senator Barau Jibrin; Secretary to the Government of the Federation, Senator George Akume; Mrs. Toyin Saraki, Founder-President of Wellbeing Foundation Africa and wife of the former Senate President and former First Lady of Kwara State; and Senator Asuquo Ekpenyong and Kabiru Rabiu, Group Executive Director, BUA Group —as well as leading corporate CEOs and executives, gathered for an exclusive walkthrough of AMCE's rapidly progressing construction site. Attendees received firsthand updates on key project milestones and explored the hospital's state-of-the-art medical infrastructure and technology. They also gained insights into the significant progress toward completion, including the final stages of interior tiling, vinyl flooring installation, lift system integration, and external infrastructure development. With the hospital's launch set for June 2025, AMCE Abuja which will deliver comprehensive services in oncology, haematology, cardiovascular care, and general healthcare continues to make remarkable progress. As of February 2025, all civil and structural works have been completed, with rigorous quality assurance and control measures ensuring the highest construction standards. External roadworks and infrastructure services are also advancing, marking a crucial phase in the project's finalisation. The visit reaffirmed a shared commitment to AMCE's transformative mission and vision—delivering world-class medical care, reducing medical tourism, and positioning Nigeria as a leading hub for specialised healthcare in Africa. Commenting on the progress, Prof Benedict Oramah, President and Chairman of the Board of Directors of both Afreximbank and AMCE, stated: "The Africa Medical Centre of Excellence (AMCE) represents a defining moment in Africa's pursuit of self-sufficiency in healthcare. For too long, our continent has borne the heavy burden of non-communicable diseases, capital flight from medical tourism, and the exodus of skilled professionals seeking opportunities abroad. AMCE is set to change that narrative. By delivering world-class, lifesaving care to over 350,000 patients within its first five years, this facility will ensure that quality healthcare is no longer a privilege reserved for those who can afford to travel overseas. It will create 3,000 jobs, stimulate Intra-African trade in medical services, and strengthen critical supply chains in pharmaceuticals and healthcare delivery. Most importantly, it will help Nigeria retain the over $1.1 billion lost annually to outbound medical tourism, redirecting those resources towards strengthening our own systems. He further stated: This initiative is more than an investment in infrastructure—it is an investment in Africa's future. Through strategic partnerships with governments, international stakeholders, and the private sector, we are demonstrating that Africa has both the ambition and the capability to provide world-class healthcare for its people. The AMCE is not just a medical facility; it is a statement of intent, a symbol of progress, and a beacon of hope for a healthier, more self-reliant continent.' Speaking at the event, Brian Deaver, Chief Executive Officer of AMCE, highlighted the hospital's impact: "The Africa Medical Centre of Excellence is not just a hospital—it is a bold step toward reshaping the future of specialised healthcare in Africa. By integrating cutting-edge medical technologies, pioneering research, and world-class training, AMCE is creating a sustainable healthcare ecosystem that will set new standards for medical excellence across the continent. This facility is more than a response to Africa's healthcare challenges—it is a proactive investment in the well-being of millions. From early diagnostics to advanced treatment and long-term disease management, AMCE will provide a seamless continuum of care that improves patient outcomes, strengthens medical expertise, and retains talent that might otherwise seek opportunities abroad. As we move closer to our launch, our focus remains unwavering: building a centre of excellence that not only delivers life-saving care but also drives economic growth, supports local innovation, and reinforces Nigeria's position as a leading destination for specialised medical treatment. Through strategic partnerships and state-of-the-art infrastructure, we are not just treating diseases—we are transforming healthcare delivery for generations to come.' Senator Barau Jibrin, Deputy Senate President: "The Africa Medical Centre of Excellence represents a transformative leap for healthcare in Nigeria and across the continent. Witnessing the rapid progress of this project reaffirms our commitment to fostering world-class medical infrastructure that will provide accessible and high-quality care for all. The Government of Nigeria remains dedicated to supporting initiatives that strengthen our healthcare system and enhance the well-being of our people." Senator George Akume, Secretary to the Government of the Federation:"Healthcare is the backbone of national development, and the Africa Medical Centre of Excellence is a shining example of what strategic investment and collaboration can achieve. This project will not only position Nigeria as a hub for cutting-edge medical services but also create jobs and drive innovation in the sector. The government is proud to support such a visionary initiative that will serve generations to come." As AMCE prepares to open its doors, the vision for a world-class medical ecosystem continues to take shape. The full development of the AMCE Campus will further solidify its role as a centre of excellence in healthcare, education, and research. Future phases will include a second 350-bed hospital facility, a medical and nursing school, a medical and sciences foundation, a dedicated medical office suite and research centre, as well as medical residences and a medical lodge to support patients and healthcare professionals alike. With this expansion, AMCE is not only addressing Africa's immediate healthcare needs but also building a sustainable foundation for medical innovation, talent development, and long-term health security. By fostering world-class training, cutting-edge research, and comprehensive patient care, AMCE is shaping the future of specialised healthcare in Africa—ensuring that the continent's brightest medical minds and most complex cases can be treated at home. Distributed by APO Group on behalf of Afreximbank. For media inquiries, please contact: Press@ Hudson Sandler AMCE@ About the African Medical Centre of Excellence (AMCE) Abuja: The African Medical Centre of Excellence (AMCE) Abuja is a tertiary-level multi-specialty medical institution developed by Afreximbank in collaboration with King's College Hospital, London. It is setting new standards in specialty healthcare and patient experience across Africa. Established to address critical gaps, AMCE Abuja is dedicated to providing world-class care through innovative research, development, and education. The AMCE Abuja will deliver comprehensive services in oncology, haematology, cardiovascular care, and general healthcare, with plans for future expansion. Its primary goal is to reduce medical tourism by offering advanced procedures, such as stem cell transplantation, and state-of-the-art treatments for various diseases. The construction phase, supported by global partners, will be followed by a phased rollout over six years, culminating in a 500-bed facility. By tackling healthcare brain drain and reducing medical tourism, AMCE Abuja will create employment opportunities across both medical and non-medical sectors. Following the groundbreaking ceremony in December 2021 by former President Muhammadu Buhari, AMCE Abuja is scheduled to commence operations in early 2025. This flagship facility is a crucial component of Afreximbank's network of healthcare facilities, aiming to address brain drain, decrease medical tourism, and foster job creation. The vision for AMCE is to shape a healthier and more educated future for Africa.
