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AfrElec INVESTMENT AfrElec
US and G7 aim to invest in
$80bn in African development
AFRICA THE US has confirmed its commitment to sup- On June 30, they announced a $700mn
port the G7’s goal of investing $80bn in Afri- investment in Africa’s largest pharmaceutical
ca’s private sector to help end the coronavirus company, Aspen Pharmacare Holdings.
(COVID-19) pandemic and spur sustainable The financing will enable the South African
growth, with climate mitigation and vaccine firm to produce up to 500mn doses of the US
development at the top of the list. producer Johnson & Johnson’s vaccine by 2022
The G7 and a group of international develop- for distribution through the African Union, the
ment banks announced in June that they would South African government and the COVID-19
support renewable energy and infrastructure Vaccines Global Access Facility (COVAX), an
development, as well as Africa’s manufacturing, international partnership dedicated to the equi-
agriculture and technology sectors. table distribution of vaccines. Aspen released its
The US “will continue to prioritise invest- first batch of Johnson & Johnson vaccines on July
ments in vaccine manufacturing, COVID-19 26.
response, climate mitigation and adaptation The US government, along with African
and gender equity on the African continent,” and European development partners, is also
said David Marchick, chief executive of the US aiding the Institut Pasteur de Dakar in boost-
International Development Finance Corpora- ing COVID-19 vaccine production in Dakar,
tion (DFC). Senegal, and in strengthening health security in
Recent investments build on the more than Africa.
$100bn the US has invested in sub-Saharan Additionally, the US is currently delivering
Africa over the past 20 years. 25mn vaccine doses to African nations as a part
The International Monetary Fund (IMF) has of the original 80mn doses promised by Presi-
already said that Africa needs $425bn to fight the dent Biden. In June, Biden announced the US
pandemic and poverty. would purchase an additional 500mn doses of
“We know that the private sector will play a Pfizer’s vaccine to distribute to low- and mid-
major role in financing Africa’s future by creat- dle-income countries.
ing millions of jobs that are essential to ensuring “The United States is committed to sustain-
sustained economic growth and poverty reduc- ably boosting Africa’s vaccine manufacturing
tion,” said Makhtar Diop, managing director of capacity and vaccine access, while taking bold,
the International Finance Corporation (IFC), a immediate action to help African nations fight
member of the World Bank Group. COVID-19,” US Agency for International Devel-
The DFC and its partners, the African Union, opment (USAID) administrator Samantha
France and Germany, are already boosting vac- Power said.
cine production and distribution in Africa.
Week 31 05•August•2021 www. NEWSBASE .com P5
