The European Investment Bank (EIB Global) has announced a €2 million (approximately Rwf 3 billion) financing arrangement to support Akagera Medicines Africa in its efforts to develop new vaccines in Rwanda.
The funding will expedite research, development, and manufacturing of vaccines aimed at combating infectious diseases, including tuberculosis, HIV, Lassa fever, and Ebola, according to a statement from EIB.
In addition, the financing will enhance the technical skills and expertise of local teams in Rwanda, promoting homegrown discovery and development of vaccine delivery systems.
“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,” said Michael Fairbanks, CEO of Akagera Medicines, during the World Health Summit in Berlin, where the announcement was made.
Fairbanks noted that Akagera Medicines is also backed by the Coalition for Epidemic Preparedness Innovations (CEPI) in Norway, the Gates Foundation, and the National Institutes of Health in Washington.
Founded in July 2022, Akagera Medicines Africa aims to enhance the pharmaceutical sector in Rwanda and across Africa. The company is majority-owned by the Government of Rwanda through the Rwanda Social Security Board (RSSB).
Akagera operates laboratories in Boston and San Francisco, focusing on vaccine development.
“EIB’s financial support to Akagera Medicines is an important step toward realizing Rwanda’s vision of becoming a biotech hub and advancing Africa’s self-reliance in vaccine and medicine manufacturing,” said RSSB CEO Regis Rugemanshuro.
The recent funding is part of the broader EU Global Gateway initiative for Africa, aimed at unlocking investment to improve public healthcare access.
EIB Vice President Thomas Ostros highlighted the partnership with Akagera as a demonstration of EIB’s commitment to collaborate with public and private partners in developing innovative solutions for combating diseases and enhancing healthcare financing.
“The EIB is dedicated to strengthening our partnership with local and international stakeholders to scale up investment and support innovative technologies,” Ostros stated.
This financing aligns with other EU initiatives in Rwanda and the region under the Global Gateway Flagship—Manufacturing and Access to Vaccines, Medicines, and Health Technologies (MAV+), which aims to foster the necessary ecosystem for vaccine manufacturing. The initiative is supported by the EU-Africa Infrastructure Trust Fund (EU-AITF), which seeks to boost infrastructure investment in Sub-Saharan Africa to reduce poverty and promote economic growth.
