IFC has invested in Shanghai Fosun Pharmaceutical to help the company build a pharmaceuticals production facility and distribution hub in Côte d'Ivoire.

Under the partnership, IFC will provide subsidiaries of Fosun Pharma with two loans totaling €50m to support the construction of a manufacturing facility near Abidjan to produce anti-malaria drugs and anti-bacterial medicines.

"Strengthening Africa's healthcare infrastructure and capabilities is essential for the continent's social and economic development, especially in the wake of COVID-19," said IFC VP for Africa Sérgio Pimenta.

"This initiative will increase Africa's ability to manufacture essential drugs locally, helping patients more easily access high-quality, affordable medicines."

The pharmaceuticals factory will be Côte d'Ivoire's largest and have a capacity of five billion tablets annually. The distribution hub will be located near the production facility.

The project will improve access to quality, affordable life-saving medicines across West Africa, contributing to better health outcomes in a region that contends with heavy loads of infectious and other diseases.

The project will also facilitate medical and manufacturing knowledge transfer to Africa, supporting the long-term growth and strength of the wider region's health sector.

According to the World Health Organization, sub-Saharan Africa accounts for more than 95% of global malaria cases and deaths. The region is facing the added task of mitigating the impacts of COVID-19 while addressing numerous other public health challenges.

"We are glad to be supported by IFC to localize pharmaceutical manufacturing and distribution in Africa," said Wu Yifang, Chairman of Fosun Pharma.

"Since 2006, IFC has repeatedly provided financial and advisory support to Fosun Pharma, which is committed to ensuring the continuous accessibility and affordability of pharmaceutical products and improving the resilience of healthcare supply chains in the region."

Tridem Pharma will undertake the project's distribution component and Guilin Pharma will undertake the project's manufacturing component. Both Tridem Pharma and Guilin Pharma are subsidiaries of Fosun Pharma.

Since 2006, IFC has provided financial and advisory support to Fosun Pharma, a leading Chinese pharmaceutical company with a worldwide footprint.

Fosun Pharma's Artesun® (Artesunate for Injection) has treated more than 56 million patients with severe malaria worldwide. As one of the world's largest antimalarial drug manufacturers, Fosun Pharma is a major antimalarial drug supplier to the Global Fund, UNICEF, the WHO, and national drug procurement centers in Africa.

In Africa, IFC is helping private providers meet the soaring demand for healthcare and is supporting governments in their goal of achieving universal health coverage by 2030. IFC's investments and advisory services foster best practices in healthcare and life sciences, promote the deployment of innovative technologies, and advance quality care.