Multilateral development financial institution Africa Finance Corporation (AFC) has allocated up to $40m for building the African Medical Centre of Excellence (AMCE) Abuja in Nigeria.

The 500-bed medical facility aims to 'revolutionise' healthcare in West Africa with a focus on treating cardiology, oncology and haematology.

It is being developed through a collaboration between Africa’s trade finance bank Africa Export-Import Bank (Afreximbank) and King’s College Hospital, London (KCH).

It will also emphasise other capabilities, such as research, education, and development, to position itself as a key organisation in the clinical services domain.

An equity investment term sheet for the funding was signed at the inaugural AMCE African Health Forum in Abuja.

AMCE Abuja is due to be developed in four phases over the next six years.

AFC will play a key role in the first development phase, which includes building a 170-bed specialist hospital.

More than half of the facility has been built to date and it is currently on track to be operational in the first quarter of next year.

According to AFC, AMCE will create around 3,000 jobs and provide training opportunities for local doctors and nurses.

Within five years of its opening, the facility is expected to serve more than 350,000 patients from Nigeria and other African nations.

Afreximbank president and board chairman Benedict Oramah said: “This collaboration exemplifies the power of cooperation among African development finance institutions in driving impactful projects that benefit our communities and promote sustainable growth.

“By investing in AMCE Abuja, we are not only supporting the establishment of world-class healthcare infrastructure but also creating opportunities for job creation, skills development, and knowledge transfer.

“We invite more partners to join us in this crucial endeavour to revolutionise healthcare in Africa and make a lasting impact on the well-being of our communities.”