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EIB, AfDB support launch of African Pharmaceutical Technology Foundation

Africa advanced efforts to develop an independent drug industry after Rwanda agreed to host the African Pharmaceutical Technology Foundation (APTF) .
19.12.23 | Source: Ahram Online

The APTF signed accords with Rwanda and the EIB to bolster cooperation, for hosting its headquarters and aiding the foundation in realizing its goals concerning fostering ties between public and private sectors in the continent and abroad.

The new foundation, backed by the AfDB group, seeks $3 billion over 10 years for medicine production.

“To close the gap, we must continue investing in pharmaceutical production in Africa and other developing countries. Technology and knowledge transfer are central. The new African Pharmaceutical Technology Foundation will help Africa gain rapid access to the latest pharmaceutical breakthroughs,” Rwanda’s Minister of Foreign Affairs and International Cooperation Vincent Biruta said.

Meanwhile, the AfDB’s President Akinwumi Adesina emphasized that technology stands as the primary catalyst for fostering a robust pharmaceutical sector crucial for safeguarding the African population's health and prosperity.