Under the partnership, IFC will support Avacare, a leading Pan-African pharmaceutical distributor and manufacturer with $28.6 million equity investment to help the company expand its manufacturing base, both organically and through acquisitions.
IFC and Avacare are joining hands to boost the availability of quality health products at affordable cost across East and Francophone Africa. Under the partnership, IFC will support Avacare, a leading Pan-African pharmaceutical distributor and manufacturer with $28.6 million equity investment to help the company expand its manufacturing base, both organically and through acquisitions. IFC made the announcement on the sidelines of the Africa CEO Forum held in Cote d Voire on June 13-14.
The investment is timely as the continent had a critical shortage of manufacturing and distribution capacity of pharma and health products which got aggravated due to the Pandemic. The IFC support is expected to strengthen Avacare’s existing footprint in African markets such as Botswana, Eswatini, Kenya, Lesotho, Namibia, Zambia, Ethiopia, and Zimbabwe, as well as explore new markets. The company has been serving some of the most underdeveloped markets, including fragile and conflict-affected situations (FCS) countries like Côte d’Ivoire, Burkina Faso, and Cameroon, and the international development association (IDA) countries like Lesotho, Tanzania, and Zambia.
The IFC support comes under its Global Health Platform (GHP), which boosts private investment to help bridge the huge healthcare supply gaps in emerging markets exacerbated by the COVID-19 pandemic.
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