AfDB Urges ECOWAS Countries To Improve Health Sector Funding

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The African Development Bank Group (AfDB) has called for improved investment in healthcare by the Economic Community of West African States (ECOWAS).

Akinwumi Adesina, President of AfDB, made the call on Friday at the 22nd ordinary session of the assembly of ECOWAS Health Ministers.

Adesina, represented by Beth Dunford, Vice-President for Agriculture, Human and Social Development at the AfDB said healthcare must be tailored to meet the needs of the populace.

He called for investments in health infrastructure from the private sector, development finance institutions and diaspora groups.

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“The portfolio will include investment projects, results-based financing, risk-sharing instruments to leverage private sector resources, debt and equity investments in private companies and promotion of innovative sources of finance, such as diaspora funds,” he said.

“Filling the financing gap for health infrastructure will require mobilising finances from the private sector, development finance institutions and diaspora groups.

“Across Africa, only 10 to 20 per cent of investment in health service delivery infrastructure is mobilised by the private sector, due largely to high levels of investment risk.

“The limited coverage of health insurance and the dominance of out-of-pocket expenditure in health financing also make it more difficult for investors to secure a financial return.

“As a result, private sector investments in health infrastructure have been concentrated in brownfield investment to expand existing hospitals.”

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