Announcing a groundbreaking collaboration at the #IATF2023, in Cairo, Egypt, African Export Import Bank (Afreximbank) has inked a Project Preparation Facility Agreement with Innovative Biotech Limited (IBL). This venture aims to propel IBL to the forefront of healthcare innovation, marking a notable advancement in the industry.

Chief Executive Officer (CEO), Innovative Biotech Limited, Dr. Simon Agwale, told The Guardian on Monday that the visionary project unfolds with the establishment of a state-of-the-art vaccine manufacturing facility in Keffi, Nasarawa State, Nigeria.

Agwale, a vaccinologist, said, operating under stringent Current Good Manufacturing Practice (“cGMP”) regulations, this facility is designed to produce a range of vaccines, from Typhoid and Rotavirus to Pentavalent/Hexavalent formulations. Future aspirations extend to the production of critical vaccines like Coronavirus 19 (COVID-19), HIV, Ebola, HPV, and Lassa, with an anticipated yearly production capacity of an impressive 225 million doses.

He said Afreximbank’s contribution is not merely financial; it plays a pivotal role in providing critical early-stage preparatory capital. “This strategic support is poised to de-risk the project and propel it swiftly towards bankability. More than a financial commitment, our intervention aligns seamlessly with the African Union’s visionary goal to ensure that at least 60 per cent of routine vaccines for Africa are produced on the continent by 2040.

The deal was signed by Mr. Haytham El Maayergi, Executive Vice President, Global Trade Bank, Afreximbank and Dr. Simon Agwale, Founder and Chief Executive Officer, Innovative Biotech Limited.