Mozambique Uses Innovative Finance to Save Lives
NetGuarantee is Protecting Half a Million People from Malaria During Peak Season
NEW YORK, Feb. 21, 2012 /PRNewswire-USNewswire/ — NetGuarantee LLC announced today that Mozambique is the first country to have used its innovative finance mechanism to speed the delivery of life-saving mosquito nets to protect people against malaria. In November of 2011, 250,000 nets, delivered with the support of NetGuarantee, arrived in port in Mozambique – months earlier than would have otherwise been possible and just ahead of Mozambique’s peak malaria transmission season. The country is now completing the distribution of the nets – made possible by a grant from the Global Fund to Fight AIDS, Tuberculosis and Malaria – to protect up to 500,000 people in need.
NetGuarantee, a wholly-owned subsidiary of Malaria No More Fund, applies innovative finance techniques common in the private sector to speed the delivery of life-saving mosquito nets to at-risk populations in Africa. When nets arrive early, more lives are saved, more malaria cases are averted and health care expenditures are reduced.
Malaria is the leading cause of death in Mozambique, which records four million cases of malaria in a typical year. Thanks to the NetGuarantee mechanism, up to an additional half a million Mozambicans are protected from malaria during this year’s peak transmission season.
“Mozambique’s success proves how innovative financial tools, like NetGuarantee, combined with private and public sector support, can be applied to fight malaria – and other diseases around the globe,” said David Bowen, CEO of Malaria No More Fund. “There are children who are protected from malaria tonight who would otherwise be at risk – but for the creativity of NetGuarantee’s approach, the strong support of our partners in Mozambique, and the essential financial support of our contributors.”
NetGuarantee’s activities in Mozambique were made possible by Zurich in North America, part of the Zurich Financial Services Group, collateral backing from the Betsy and Jesse Fink Foundation, Goldman Sachs Gives, and Malaria No More Fund, and funding from the Bill & Melinda Gates Foundation and ExxonMobil. In addition to the grant provided to Mozambique by the Global Fund to Fight AIDS, Tuberculosis and Malaria, contributions were made by Bestnet A/S, Brad Herbert Associates, the International Procurement Agency B.V., Malaria Consortium, the Ministry of Health of Mozambique, Montrose Africa, and World Vision Mozambique.
“NetGuarantee demonstrates the power of private sector innovations to improve public health,” said Gene Sykes of Goldman Sachs. “Goldman Sachs Gives is proud of its contribution to NetGuarantee and the impact that it’s having on the lives of women and children in Mozambique.”
“We are pleased to play a role in NetGuarantee’s success in Mozambique,” said Suzanne McCarron, general manager, public and government affairs, ExxonMobil. “This innovative financing, which is helping to ensure many families in Mozambique have access to life-saving bed nets, can be scaled up to help all Africans in the fight against malaria.”
To find out more about NetGuarantee, click here.
About NetGuarantee LLC
NetGuarantee LLC, a subsidiary of Malaria No More Fund, works with financial institutions and other private sector partners to speed the delivery of life-saving health commodities to at-risk populations. www.NetGuarantee.org
About Malaria No More Fund
Malaria No More Fund is determined to help the world reach the global goal of near zero malaria deaths by 2015. Malaria No More Fund leverages high?impact communications to engage the world, global advocacy to rally leadership and strategic investments to accelerate progress. www.MalariaNoMore.org.
SOURCE Malaria No More Fund