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Support to healthcare manufacturing projects in Nigeria addressing unmet medical needs including research and development and the manufacturing of medicinal products such as pharmaceuticals, vaccines, medical devices, and nutritional products through a financing facility of €50 million loan to the Bank of Industry.
The principal objective of the project is to strengthen Nigeria's healthcare systems by investing in local manufacturing of medical devices and pharmaceuticals and medical research through a financial sector credit line under the Human Development Window mandate. The credit line is being put in place in parallel to a partial portfolio guarantee of up to €25 million. The financing package will be an important contributor to Nigeria's ambitions for self-sufficiency in managing its healthcare systems and supplying crucial medicines locally.
The project aims to boost Nigeria's healthcare systems by leveraging a partnership with Bank of Industry to unlock financing for projects that fulfil an unmet medical need and support manufacturing and research and development (R&D) of medicinal products, devices, diagnostics and nutritional products.
The investment is delivered under the Human Development Accelerator (HDX) programme, an initiative backed by the European Commission and implemented in partnership with the Gates Foundation. It is part of the Global Gateway Health Package and aligned to the Team Europe Initiative for Manufacturing and Access to Vaccines (TEI MAV+).
The additionality of the financing is derived from the competitive offer, long tenor and grace period that will enable Bank of Industry to make long term patient investments in local healthcare projects. In addition, by working with Bank of Industry, EIB will be able to support local healthcare projects that require smaller investments and local currency, increasing the overall impact that EIB is having in the local healthcare sector.
The final beneficiaries benefiting from EIB financing will be required to comply with the EIB Group's Environmental and Social Policy and the EIB Environmental and Social Standards.
The borrower and the sub-projects will be required to comply with the EIB's Guide to Procurement where applicable.
Under EFSD+ Guarantee