The African Export-Import Bank (Afreximbank) and MobiHealth International have signed a project preparation facility agreement that is expected to bolster the expansion of Mobihealth’s telemedicine services in Nigeria.
According to the partners, part of the project will also assess the feasibility of establishing similar services in Egypt, Ghana, Kenya, and Cote d’Ivoire.
This announcement of the partnership was recently published as a press release on the Afreximbank website.
According to the press statement, under the terms of the agreement, Afreximbank will part-finance project preparatory activities that will leverage MobiHealth’s successfully integrated telemedicine proprietary platform, initially piloted in Nigeria, to the four additional countries.
The statement further reads that the MobiHealth transaction originated from the Africa Investment Forum (AIF) platform under its flagship ‘Women as Investment Champions’ initiative.
Furthermore, for the project preparation facility agreement, Afreximbank will serve as the mandated lead arranger, overseeing senior debt syndication for the project implementation.
This initiative is expected to rapidly lead to the establishment of a network of telemedicine clinics across Africa, fully equipped with outpatient facilities.
The project preparation facility of up to US$ 1.5 million is expected to advance the project to bankability, whereupon this is expected to unlock further investments estimated at US$ 65 million.
Mrs Kanayo Awani, the Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank, stated that the initiative will fundamentally reshape the delivery of healthcare services with broader implications for healthcare services across the continent.
“We will not only be embracing digital technology but also harnessing the same to help our member countries accelerate their progress towards the attainment of Universal Healthcare Coverage, and improve equitable access to quality, affordable healthcare,” Mrs Awani said.
Dr Funmi Adewara, Chief Executive Officer and the project sponsor of MobiHealth noted that the signing of this facility agreement marks yet another significant milestone in MobiHealth’s quest to proffer digital healthcare solutions across the continent.
“We are thrilled to have the support of Afreximbank. Their involvement is a strong validation for our business model and I would like to laud Afreximbank, AIF and USTDA for their visionary leadership and steadfast commitment to support the provision of quality healthcare to African citizens,” Dr Adewara said.
Mrs Chinelo Anohu, AIF’s Senior Director said that this is a ground-breaking achievement for a female-led startup, given the challenges they are known to face especially when it comes to access to financing.
“Mobihealth’s innovative mobile health solutions is a game changer for a continent where so few are able to access healthcare and will therefore make a huge difference in Nigeria and the wider African continent, particularly for the 70 per cent that live in rural areas and have little or no access to basic healthcare,” Mrs Anohu said.
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