Signature(s)
Summary sheet
- Health - Human health and social work activities
The project will support health systems by enabling MedAccess to provide volume and procurement guarantees for essential medical supplies. The pipeline includes the purchase of vaccines as well as eligible investments in innovation and manufacturing scale-up.
The aim is to increase the access and availability of medicinal products, including vaccines, for the benefit of low- and middle-income countries thus reducing the burden of endemic diseases and malnutrition.
The operation is an innovative counter-guarantee instrument offered by EIB to MedAccess through the Human Development Accelerator (HDX), a collaboration between the EIB, Gates Foundation and European Commission.
The project supports the manufacturers of medicines, vaccines, diagnostics and medical devices to scale their production processes to be able to supply low and middle countries' populations, predominantly in Sub-Saharan Africa, with affordable quality medical products. This is expected to improve persistent supply and demand failures and encourage investment in sustainable supply chains. The operation also includes a grant of up to a maximum of 10% of the EIB guarantee financing, which will be available to MedAccess to cover costs related to the establishment of potential sub-projects under the guarantee or broader ecosystem strengthening, primarily Sub-Saharan Africa.
Through specific healthcare interventions, the project enhances sustainable social and human development, improving health and nutrition services. The project is expected to contribute to achieving several of the Sustainable Development Goals (SDGs), in particular, SDG 3 - Good health and well-being.
The EIB instrument increases the capacity and flexibility to shape supply agreements with producers of medicinal products, including vaccines, for the benefit of low- and middle-income countries thus strengthening health and research systems, in alignment with Global Gateway strategy. As a result, the instrument is expected to improve both access to, and affordability of, critical medical products.
The market for volume guarantees is underdeveloped and limited to a few players (mostly foundations or government agencies). Through this operation, EIB is helping MedAccess to increase its activity by absorbing some of the potential risk and freeing up capital that they would otherwise need to hold as capital protection. EIB's involvement is also helping to provide a signal to other investors / DFIs and grantors to support MedAccess.
The implementation of the project will be done in line with the principles of EU environmental legislation and EIB Environmental and Social Standards.
The Bank will require that implementation of the project needs to be done in accordance with the EIB's Guide to Procurement.
Under EFSD+ Guarantee