The European Investment Bank (EIB Global) has unveiled a €2 million (around Rwf3 billion) financing package to strengthen vaccine development efforts in Rwanda, supporting Akagera Medicines Africa in its mission to combat a range of infectious diseases including tuberculosis, HIV, Lassa fever, and Ebola. The funding is expected to accelerate crucial research, development, and vaccine manufacturing in Rwanda, playing a pivotal role in expanding the country’s pharmaceutical capabilities.
In addition to boosting vaccine production, the financing will help enhance the technical skills and expertise of Rwandan teams, supporting home-grown innovation in vaccine discovery and delivery systems. At the World Health Summit in Berlin, Akagera Medicines CEO Michael Fairbanks highlighted the importance of EIB’s backing, stating that the funding enables the company to operate as a clinical entity, significantly accelerating efforts to build specialized infrastructure and human capacity for vaccine development in Africa.
Established in Rwanda in 2022, Akagera Medicines Africa is majority-owned by the Government of Rwanda through the Rwanda Social Security Board (RSSB). The company has received support from key international partners including the Coalition for Epidemic Preparedness Innovations (CEPI), the Gates Foundation, and the National Institute of Health in the U.S. While based in Rwanda, Akagera also operates major laboratories in Boston and San Francisco, expanding its reach and impact.
Regis Rugemanshuro, CEO of RSSB, emphasized that this EIB funding is a key contribution to Rwanda’s broader vision of becoming a biotech hub, while also advancing Africa’s aspirations for self-reliance in vaccine and medicine production. The financing from EIB is part of the wider EU Global Gateway initiative, aimed at improving access to healthcare and fostering economic development across Africa.
EIB Vice President Thomas Ostros echoed these sentiments, underscoring the partnership with Akagera as an example of how public-private cooperation can drive innovation in healthcare. This latest financing complements other EU initiatives in Rwanda under the Global Gateway Flagship – Manufacturing and Access to Vaccines, Medicines, and Health Technologies (MAV+), all designed to strengthen Africa’s healthcare infrastructure and contribute to long-term economic growth in the region.
