EIB Global Invests €2 Million in Vaccine Development at Akagera Medicines in Rwanda

EIB Global Invests €2 Million in Vaccine Development at Akagera Medicines in Rwanda

(IN BRIEF) The European Investment Bank (EIB Global) has committed €2 million to support Akagera Medicines Africa Limited in Rwanda, facilitating the early-stage development of vaccines for infectious diseases, including tuberculosis, HIV, Ebola, and Lassa fever. This funding aims to enhance local technical expertise and foster self-sufficiency in vaccine discovery and manufacturing. The initiative aligns with the EU Global Gateway program, focusing on improving public healthcare access across Africa and addressing the continent’s significant disease burden. Akagera Medicines, established in July 2022 and majority-owned by the Rwandan government, seeks to elevate the pharmaceutical sector in Rwanda and the wider region. Key figures, including Akagera CEO Michael Fairbanks and RSSB CEO Regis Rugemanshuro, expressed optimism about the partnership with EIB Global and its potential to bolster Rwanda’s biotech ambitions. The investment also complements other EU initiatives aimed at establishing a robust ecosystem for vaccine manufacturing in Africa.

(PRESS RELEASE) LUXEMBOURG, 15-Oct-2024— /EuropaWire/ — The European Investment Bank (EIB Global) has pledged €2 million to bolster early-stage vaccine development by Akagera Medicines Africa Limited in Rwanda. This funding aims to accelerate the research and manufacturing of vaccines targeting infectious diseases such as tuberculosis, HIV, Ebola, and Lassa fever.

This investment will not only support the creation of vaccines but also enhance the technical skills of local teams in Rwanda, fostering a self-sufficient environment for vaccine discovery, manufacturing, and distribution.

The EIB’s latest health financing is part of the broader EU Global Gateway initiative for Africa, aimed at unlocking vital investments to improve public healthcare access. EIB Global is dedicated to impactful investments that enhance healthcare and pharmaceutical manufacturing across the continent, ultimately aiming to build health resilience and promote equitable healthcare access in Africa.

Given Africa’s significant disease burden, the support for home-grown solutions is critical. Vaccination plays a key role in driving investments in universal health and is vital for achieving 14 of the 17 United Nations Sustainable Development Goals.

Founded in July 2022, Akagera Medicines aims to strengthen the pharmaceutical sector in Rwanda and across Africa. The company is predominantly owned by the Republic of Rwanda through the Rwanda Social Security Board (RSSB).

At the World Health Summit in Berlin, where the funding announcement was made, Akagera Medicines’ CEO, Michael Fairbanks, stated: “As a public-private partnership, we have the backing of the Coalition for Epidemic Preparedness Innovations (CEPI), the Gates Foundation, and the National Institute of Health in Washington. The support from the EIB has propelled us into clinical development, allowing us to enhance human capacity and specialized infrastructure in Africa for vaccine development.”

Regis Rugemanshuro, CEO of RSSB, added: “The EIB’s investment is crucial for realizing Rwanda’s ambition to become a biotech hub and Africa’s goal of self-sufficiency in vaccine and medicine manufacturing. We look forward to strengthening collaborations with the EIB and other international partners to establish resilient healthcare systems in Rwanda and across the continent.”

EIB Vice President Thomas Ostros commented: “Our partnership with Akagera exemplifies the EIB’s collaboration with both public and private sectors to accelerate the development of innovative solutions against deadly diseases while scaling healthcare financing. We are committed to enhancing our partnerships with local and international entities to support innovative technologies.”

EU Ambassador to Rwanda, Belen Calvo Uyarra, remarked: “The EU’s Global Gateway initiative is dedicated to ensuring equitable access to health products and promoting local manufacturing in Africa. The EIB’s investment in Akagera Medicines signifies an important step forward on this path.”

This financing supports other EU initiatives in Rwanda and the region under the Global Gateway Flagship—Manufacturing and Access to Vaccines, Medicines, and Health Technologies (MAV+), which primarily focuses on developing the necessary ecosystem for vaccine manufacturing. The initiative is also backed by the EU-Africa Infrastructure Trust Fund (EU-AITF), which aims to increase investment in infrastructure across Sub-Saharan Africa to combat poverty and promote economic growth.

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices around the world.

About Akagera:

Akagera Medicines develops novel liposomal formulations of drugs to treat tuberculosis, RSV, influenza, avian flu, and HIV. The clinical stage company was founded in 2018 in Kigali, Rwanda. It is well-funded, majority-owned by the people of Rwanda through the Rwanda Social Security Board (RSSB), registered as a Delaware corporation, and has laboratories in Boston and San Francisco. Akagera registered a 100%-owned subsidiary in Kigali in 2022 to do manufacturing and clinical trials. Founding board members include Ambassador Dr. Albrecht Conze, Dr. Paul Farmer, and Dr. Donald Kaberuka. Dr. Daryl Drummond and Dr. Dimitri Kirpotin are cofounders who translate their successful delivery system from oncology to infectious diseases.

Media Contact:

Harriet Kwamboka
h.ongaki@eib.org
+ 254 114106871

Press Office

press@eib.org
+352 43791

SOURCE: European Investment Bank