EU investment institution the European Investment Bank (EIB) will provide €2-million in financing for early-stage vaccine development in Rwanda.

The financing, which will be provided to Akagera Medicines Africa, will support research and development efforts for new vaccines to treat infectious diseases such as tuberculosis, human immunodeficiency virus, Lassa fever and Ebola.

The funds will also be used to strengthen the technical skills and expertise of teams in Rwanda to support vaccine delivery systems within the country. 

The EIB’s support stems from the EU’s Global Gateway initiative for Africa, with EIB’s health financing being targeted at improving access to public healthcare.

The EIB often supports high-impact investment to enhance healthcare and pharmaceutical manufacturing across Africa, strengthens health resilience on the continent, and supports equitable access to healthcare in Africa.

“Africa bears the highest disease burden globally and more home-grown or continent-based solutions need to be supported. Vaccination is a critical activity to ensure and guide investments in universal health and has a crucial role to play in achieving 14 of the 17 UN Sustainable Development Goals,” the EIB states.

Akagera was established in Rwanda in July 2022 to develop the pharmaceutical sector in Rwanda and elsewhere in Africa. The company is majority-owned by the Republic of Rwanda through the Rwanda Social Security Board (RSSB).

Akagera CEO Michael Fairbanks says the organisation also enjoys the support of Coalition for Epidemic Preparedness Innovations in Norway, the Gates Foundation, and the National Institute of Health in Washington DC, in the US.

“With the significant support of EIB we are now a clinical company and moving faster to build human capacity and specialized infrastructure in Africa to support vaccine development,” Fairbanks adds.

RSSB CEO Regis Rugemanshuro comments that EIB’s financial support to Akagera represents an important contribution to the realization of Rwanda’s vision to become a biotech hub, and to the vision of Africa becoming self-reliant in vaccine and medicine manufacturing.

“RSSB is looking forward to deepening partnerships with EIB and other international institutions to build resilient healthcare ecosystems in Rwanda and in Africa,” he adds.

EIB VP Thomas Ostros notes the bank’s partnership with Akagera demonstrates the EIB’s close cooperation with public and private partners to accelerate development of innovative solutions for combating deadly diseases and scaling up healthcare financing and delivery.

“The EIB is committed to further strengthening our partnership with local and international players, to scale up investment and support innovative technology together,” he states.

EU Ambassador to Rwanda Belen Calvo Uyarra adds that through Global Gateway, the EU is focused on advancing equitable access to health products and local manufacturing in Africa.

“This investment by EIB with Akagera marks another important milestone on this journey.”