Rest of the World Health

The Credit Facility for Access to Medicines (CFAM) is an innovative social finance company committed to expanding and accelerating access to life-saving medicines, vaccines and diagnostics in Africa and South Asia.

The company launched in 2017, with a huge amount of support and input from DFID (which had the initial idea to create CFAM), the Clinton Health Access Initiative (CHAI) and the Bill and Melinda Gates Foundation (BMGF).

It is headed by Michael Anderson as CEO, and Nigel Keen as Chairman.

Our investment

CFAM has been established as a wholly owned subsidiary of CDC with an initial capital commitment of $200 million, with a further potential funding opportunity of $300 million.

We will be looking to raise additional capital from third-party investors in the future.

Expected impact

CFAM will work with manufacturers and buyers of health commodities to overcome market failures that result in vital health commodities often being unaffordable, out of stock, or poorly-suited to the needs of communities in Africa and South Asia.

This creates the potential to make a significant contribution to improving the lives of people in these regions.

CFAM is investigating its first potential deal, a guarantee to lower the pricing of and accelerate access to HIV diagnostic tests across several low- and middle-income countries.

Environmental and social aspects

Our responsible investment teams will support CFAM’s management team to ensure an effective Environmental and Social Management System is in place, and to help CFAM manage and monitor its impact.

Key facts


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

Rest of the World

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.

Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Direct Debt
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

December 2017

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.


This is the investee company’s place of incorporation; or a fund’s jurisdiction.

United Kingdom

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