Proparco sanctions a loan of US$ 10 M to Africure for setting up plants in Cote D’Ivoire and Ethiopia
The USD 10m loan allocated to Africure Pharmaceuticals demonstrates Proparco’s commitment to improving access to essential goods and services in emerging and developing countries. PROPARCO is combining this loan with a technical assistance project to support the company’s efforts to comply with WHO Good Manufacturing and Distribution Practices.
Access to affordable and quality pharmaceutical products is one of the greatest public health challenges in Sub-Saharan African, where some 90% of drugs are imported.
Improving access to quality generic drugs
Proparco’s USD 10m loan will allow Africure to increase its production capacity in Africa, by launching two new plants in Côte d’Ivoire and Ethiopia, and the Group to improve its supply options for raw materials.
This loan should allow over 2.6m people to benefit from improved access to essential drugs and vaccines by 2024. The development of Africure’s activities will also create or support some 800 direct and indirect jobs.
Technical assistance to disseminate WHO international standards
Proparco has also planned to support the company’s efforts to improve its production and distribution standards via its technical assistance services. This additional support will allow Africure to align with current international best practices, i.e. the WHO GMP (Good Manufacturing Practice) and GDP (Good Distribution Practice). Africure will thereby become one of the few African manufacturers to meet these standards and ensure access to quality local drugs.