In a groundbreaking move announced at the #IATF2023, African Export Import Bank (Afreximbank) and Innovative Biotech Limited (IBL) have joined forces through a Project Preparation Facility Agreement. This collaboration is set to propel IBL to the forefront of healthcare innovation, marking a significant milestone in the industry.

IBL’s visionary initiative unfolds with the establishment of a cutting-edge vaccine manufacturing facility in Keffi, Nasarawa State, Nigeria. Adhering to stringent Current Good Manufacturing Practice (cGMP) regulations, this state-of-the-art facility is designed to produce a diverse range of vaccines, including Typhoid, Rotavirus, and Pentavalent/Hexavalent formulations. Future endeavors include the production of critical vaccines such as COVID-19, HIV, Ebola, HPV, and Lassa, with an anticipated annual production capacity of an impressive 225 million doses.

Afreximbank’s involvement goes beyond financial support; it plays a crucial role in providing essential early-stage preparatory capital. This strategic backing aims to de-risk the project and propel it swiftly towards bankability. More than just a financial commitment, this intervention seamlessly aligns with the African Union’s visionary goal of ensuring that at least 60% of routine vaccines for Africa are produced on the continent by 2040.

The agreement was formally signed by Mr. Haytham El Maayergi, Executive Vice President, Global Trade Bank, Afreximbank, and Dr. Simon Agwale, Founder and Chief Executive Officer of Innovative Biotech Limited. This collaboration signifies a commitment to advancing healthcare solutions and underscores the collective dedication to meeting the healthcare needs of the African continent.