Multilateral Development Banks, WHO Unveil Investment Platform

In an unprecedented move aimed at investing in and strengthening vital, climate and crisis-resilient primary health care (PHC) services in low- and low-and-middle income countries (LICs and LMICs), three multilateral development banks have partnered with the World Health Organization (WHO) to introduce the groundbreaking Health Impact Investment Platform.

The Platform, launched during the Summit for a New Global Financing Pact in Paris, will allocate an initial €1.5 billion in concessional loans and grants to LICs and LMICs, expanding the reach and scope of their PHC services, particularly for the most vulnerable and underserved populations and communities.

The African Development Bank (AfDB), European Investment Bank (EIB), Islamic Development Bank (IsDB), and WHO are the founding members of the Platform. Recognizing the global nature of this endeavor, 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 act as the Platform’s policy coordinator, responsible for 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 PHC investments. Furthermore, the Platform aims to stimulate broader PHC investments in support of government health strategies.

Dr Tedros Adhanom Ghebreyesus, WHO Director-General, emphasized that a PHC approach provides the most effective means to improve health and well-being, including delivering essential health services to all individuals.

PHC is a key driver of universal health coverage, one of the United Nations Sustainable Development Goals (SDGs). In 2015, world leaders committed to achieving access to essential healthcare services, affordable essential medicines, and vaccines for all people by 2030.

“Approximately 90% of essential health services can be provided through PHC—on the ground, in communities, by health professionals, doctors, and nurses in local clinics,” stated Dr Tedros. “The comprehensive range of services offered by PHC can promote health, prevent disease, reduce the need for costlier secondary and tertiary services, and provide rehabilitation. PHC acts as the ‘eyes and ears’ of a country’s health system, reaching the very communities where people reside.”

“The new Health Impact Investment Platform will enhance the development of such services, making it a valuable investment in the health of present and future populations,” Dr Tedros added.

EIB President Werner Hoyer expressed the partner development banks’ commitment to supporting countries in strengthening their primary health care services to promote community health and safeguard against future health emergencies.

“The COVID-19 pandemic demonstrated the immense human and economic suffering that can arise when we neglect to invest in essential health services,” noted Dr Hoyer. “Collaboration among multilateral development banks through the Health Impact Investment Platform will enable countries in need to build resilient primary health care services capable of withstanding the shocks of future health crises, thereby protecting communities and economies for the long term.”

“We have already demonstrated this through previous collaborations with the WHO. The platform will facilitate access to critical international financing for the most vulnerable populations. It is a tangible outcome of President Macron’s call to enhance international financial solidarity with the Global South.”

Before the COVID-19 pandemic, WHO estimated that to achieve the health-related Sustainable Development Goals (SDGs), LICs and LMICs needed to significantly increase their health spending, requiring an additional combined annual investment of US$371 billion by 2030.

This funding would enable populations to access health services, contribute to the construction of new facilities, and train and deploy healthcare workers where they are needed. Additionally, preparing for future pandemics would necessitate an estimated annual investment of US$31.1 billion.

Approximately one-third of this total should come from international financing. The Health Impact Investment Platform’s catalytic financing is also designed to promote the mobilization and coordination of broader financial flows through national PHC investment plans.

The new Platform builds on the successful cooperation among countries, multilateral organizations, and development banks that was established during the pandemic.

For instance, WHO, EIB, and the European Commission worked closely with Angola, Ethiopia, and Rwanda to strengthen their health systems. Initially launched as standalone programs or as part of these countries’ COVID-19 responses, these initiatives mobilized technical assistance, grants, and investments with favorable terms to enhance primary health care.

Muhammad Al Jasser, Chairman of the Islamic Development Bank, stated, “To achieve universal health coverage by 2030, Development Financial Institutions (DFIs) and nations must prioritize investing more in health.”

“The Islamic Development Bank (IsDB) is dedicated to collaborative work to generate impactful results and ensure access to quality and affordable primary healthcare for all.”

“Our cooperation will assist national governments in guiding their investments to strengthen primary health care and overall health systems, increase universal health coverage, and improve their ability to prepare for, prevent, and respond to health emergencies.”

“We will work individually with countries to identify gaps in national health systems, design interventions and investment strategies, secure funding, implement projects, and monitor their impact,” said Dr Akinwumi A. Adesina, President of the African Development Bank Group.

Ilan Goldfajn, President of the Inter-American Development Bank, emphasized the common goals of good health and well-being that unite the world. To achieve these goals, he highlighted the importance of collaboration between nations and institutions.

“We firmly believe that cooperation, not only among nations but also between governments and the private sector, is crucial for achieving universal health coverage.”

Acknowledging the global nature of the investment platform, Goldfajn stated, “We are currently in discussions with other stakeholders to expand these efforts across Latin America and the Caribbean. We extend an open invitation to our partners to join this global investment platform.”