ECOWAS gets $3.56M from AfDB to boost the pharmaceutical industry

Health

Tuesday, 29 March 2022 07:53

ECOWAS gets $3.56M from AfDB to boost the pharmaceutical industry

(Togo First) - The African Development Bank (AfDB) will disburse $3.56 million (about CFAF 2.12 billion) in the form of a grant to strengthen the pharmaceutical industry sector in ECOWAS over the next two years. The facility, approved by the Bank's Board of Directors on 24 January 2022, was the subject of an agreement between the pan-African institution and the Commission of the Economic Community of West African States (ECOWAS), signed on January 23, 2022, in Abuja, as reported by Agence Ecofin.

These funds are part of the Pharmaceutical Industry Development Project in the ECOWAS region–a project that aims to support the implementation of regulations in the sector, including the application of free duty on pharmaceutical raw materials, packaging, and finished products under the ECOWAS Common External Tariff, a tool for facilitating intra-community trade.

The project also aims to establish "an effective regional pharmaceutical regulatory ecosystem by providing technical assistance and capacity building programs for regional drug regulatory authorities," according to the institution headed by Adesina Akinwumi.

Ultimately, the signatories want to increase the competitiveness of the pharmaceutical industry in the sub-region, by improving quality standards and products and ensuring that the region complies with the best practices relative to pharmaceutical products manufacturing and supply, at the global level.

"Local production of pharmaceuticals and biologicals has become an imperative and a regional priority as well as the provision of health care delivery services for which the support of the African Development Bank will help ECOWAS achieve its development objectives," said Mamadou Traore, ECOWAS Commissioner for Industry and Private Sector, who signed the MoU with the Development Bank.

With a total cost of $3.77 million, the project will be financed not only by the AfDB, but also by a contribution of $200,000 (cash) and $400,000 (in kind) from the ECOWAS Commission, and will be implemented by the West African Health Organization (WAHO).

Ayi Renaud Dossavi

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