"Prep4Vac" COVID-19 health project with the AU

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In the context of the COVID-19 pandemic, the African Union (AU) has set itself the goal of vaccinating at least 60% of the continent's population against COVID-19 by 2022. The African Vaccine Acquisition Task Team (AVATT) is an AU initiative tasked with achieving this goal. In addition, given supply constraints, African countries have committed to producing 60% of the vaccines administered on the continent locally by 2040. In this context, Afreximbank has been commissioned by the AU to advance the AU's strategic objectives, which include both vaccine procurement and the building of local capacities for vaccine development and production, by developing appropriate financing mechanisms. In addition to a promotional loan commissioned for this purpose, a grant facility is intended to support the development of decision-ready financing proposals for investments in the field of vaccine production, manufacturing and development of medical and pharmaceutical products. For this purpose, Afreximbank has requested additional support in the form of a grant, which can be used in particular to prepare and examine suitable investment projects by African companies. The implementation period for this project preparation facility (prep4vac) is estimated at 3 years. The recipient of the grant is the AU. Afreximbank is the project sponsor.