In a groundbreaking initiative aimed at bolstering primary healthcare services in low- and low-and-middle income countries, three multilateral development banks and the World Health Organisation (WHO) have jointly launched the Health Impact Investment Platform. The launch took place during the Summit for a New Global Financing Pact that ended in Paris on Friday.
The Platform, with an initial fund of €1.5bn, will provide concessional loans and grants to low- and low-and-middle income countries, enabling them to enhance the reach and coverage of their primary health care services. The focus will be on serving vulnerable and underserved populations and communities.
The founding members of the Platform are the African Development Bank, European Investment Bank (EIB), Islamic Development Bank (IsDB), and WHO. Recognising the global nature of the challenge, the Inter-American Development Bank (IDB) is also considering joining the partnership to extend the initiative to the Latin America and the Caribbean region.
WHO will play a crucial role as the Platform’s policy coordinator, ensuring that financing decisions align with national health priorities and strategies. The Platform’s secretariat will assist governments in developing national health plans and prioritizing investments in primary health care. Additionally, the Platform aims to stimulate broader investments in primary health care that support government health strategies.
Dr. Tedros Adhanom Ghebreyesus, WHO Director-General, emphasised the effectiveness of a primary health care approach in improving health and well-being. He said, ‘Around 90 percent of essential health services can be delivered through PHC – on the ground, in communities, via health professionals, doctors, and nurses, in local clinics.’ Dr. Tedros highlighted the role of primary health care in promoting health, preventing diseases, reducing the need for costly secondary and tertiary services, and providing rehabilitation. He underscored the importance of the Health Impact Investment Platform in strengthening primary health care services and investing in the health of populations.
Werner Hoyer, President of the EIB, expressed the commitment of the partner development banks to support countries in strengthening their primary health care services. He stressed the need to invest in essential health services to promote community health and protect against the impacts of future health emergencies. Hoyer highlighted the cooperation among multilateral development banks through the Health Impact Investment Platform as a means to build resilient primary health care services that can withstand future health crises.
Before the Covid-19 pandemic, WHO estimated that low- and low-and-middle income countries needed a significant increase in health spending to achieve the health-related Sustainable Development Goals. An additional $371bn annually combined by 2030 was required to enhance health services, build new facilities, and train health workers. Furthermore, an estimated investment of $31.1bn annually was necessary to prepare for future pandemics, with approximately one-third of the total funding required from international sources. The Health Impact Investment Platform aims to catalyse financing and coordination of broader primary health care investments through national health plans.
Muhammad Al Jasser, Chairman of the IsDB, also emphasised the importance of investing more in health to achieve universal health coverage. He highlighted the IsDB’s commitment to collaborative efforts in ensuring access to quality and affordable primary health care for all.
Akinwumi A. Adesina, President of the African Development Bank Group, underscored the role of the Health Impact Investment Platform in guiding investments by national governments to strengthen primary health care and overall health systems. He stressed the importance of collaboration to increase universal health coverage and enhance preparedness, prevention, and response to health emergencies.
