Standard Bank, GE Healthcare, provide $80m financing to solve healthcare challenges in Africa

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  • Nigeria, South Africa, three others to benefit

BY BAMIDELE FAMOOFO

Uba Group

Standard Bank and GE Healthcare have announced collaboration aimed at bringing greater accessibility to African healthcare systems across the continent.

The two long-time collaborators will make financing of up to $80 million available for the distribution of GE Healthcare equipment over the next five years.

Over the next five years, the partners will bring an expanded focus to South Africa, as well as Nigeria, Kenya, Mozambique, and Angola.

Through a strong focus on delivering radiology, diagnostic imaging, and nuclear medicine delivering oncology solutions, the goal of the collaboration is to enhance the well-being of communities and potentially save lives. Through the programme, there is now access to a suite of advanced solutions and interventions to detect tumors and treat chronic diseases such as cancer.

“The Standard Bank Group is driven by our belief that the financial services sector can and should play a major role in creating social, economic and environmental value,” said Chief Executive Officer Sim Tshabalala. “Further investment into cutting-edge technology, along with support for specialists to start and grow practices in rural and urban communities across Africa, will make an important contribution to improving access to high-quality health care.”

Eyong Ebai, General Manager Sub-Saharan Africa, GE Healthcare said, “We must all work together to rise to both challenges and opportunities by implementing innovative models and technologies. Across Africa, GE Healthcare works as part of an ecosystem to deliver tailor-made services that look beyond just technology to offer solutions and make a positive impact. As we work to help clinicians make more accurate diagnoses, reduce incidents of disease, and improve outcomes, this collaboration puts the patient at the centre of everything we do.”
The blueprint for this collaboration across the continent was trialed in South Africa with tremendous results. The agreement has already reached a disbursement milestone of $36 million in equipment to healthcare specialists in various disciplines, increasing accessibility across the country.
In addition to funding and donations, both organizations will ensure appropriate talent, training and maintenance is supplied to recipients.
The announcement was first shared at the African Business Forum, hosted by the White House on December 14. The forum is part of the 3rd US-Africa Summit in Washington, D.C. The Summit underscores the importance of U.S.-Africa relations and increased cooperation on shared global priorities.