Early-stage vaccine development in Rwanda by Akagera Medicines Africa Limited will be supported by €2 million financing from the European Investment Bank (EIB Global). The new backing will accelerate research and development as well as manufacturing of new vaccines to treat infectious diseases including tuberculosis, HIV, Lassa fever, and Ebola.
The new financing will also be used to strengthen technical skills and expertise of Rwanda based teams to support home-grown discovery, manufacturing, and development of vaccine delivery systems within Rwanda.
The latest health financing from the EIB Global is part of the wider EU Global Gateway initiative for Africa and is designed to unlock crucial investment to improve access to public healthcare. EIB Global supports high impact investment to enhance healthcare and pharmaceutical manufacturing across Africa, strengthen health resilience on the continent, and support 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 United Nations Sustainable Development Goals.
Akagera Medicines, Africa 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).
Speaking at the World Health Summit in Berlin, Germany, where the financing announcement was made, Michael Fairbanks, Chief Executive Officer of Akagera Medicines said: “We are a public private partnership and enjoy the support of Coalition for Epidemic Preparedness Innovations (CEPI) in Norway, the Gates Foundation, and the National Institute of Health in Washington. With the significant support of the European Investment Bank, we are now a clinical company and moving faster to build human capacity and specialized infrastructure in Africa to support vaccine development.”
RSSB CEO, Regis Rugemanshuro said: “European Investment Bank’s financial support to Akagera Medicines 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.”
EIB Vice President, Thomas Ostros said: “The partnership with Akagera demonstrates the European Investment Bank’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.”
EU Ambassador to Rwanda Belen Calvo Uyarra, said: “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 Medicines marks another important milestone on this journey.”
The financing to Akagera complements other EU initiatives in Rwanda and the region under the Global Gateway Flagship – Manufacturing and Access to Vaccines, Medicines and Health Technologies (MAV+), which focus mainly on supporting the necessary ecosystem for vaccine manufacturing.
This is supported by the EU-Africa Infrastructure Trust Fund (EU-AITF), established to increase investment in infrastructure in Sub-Saharan Africa dedicated to projects in Africa with the aim of reducing poverty and fostering economic growth in the region.
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.
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. (End)