Aspen group CE Stephen Saad
The International Finance Corporation (IFC), Proparco, the German Development Finance Institution (DEG) and the US International Development Finance Corporation (DFC) have announced a joint financing package for pharmaceuticals company Aspen Pharmacare to support the production and distribution of lifesaving medicines and vaccines in Africa.
The €500-million loan package to Aspen Treasury Ireland, a wholly owned subsidiary of Aspen, includes €150-million from IFC’s own account and €350-million in parallel loans mobilised from DEG, DFC and Proparco, a subsidiary of Agence Francaise Development, the French government’s development finance institution.
The financing will support Aspen’s “Manufacturing in Africa for Africa” strategy, which, in partnership with global multinational pharmaceutical companies, aims to improve the production and accessibility of critical medicines on the continent, including insulins and paediatric vaccines.
The loan package will also facilitate distribution and promotion agreements to broaden access to medicines in sub-Saharan Africa and will strengthen Aspen’s financial resilience and working capital needs.
“Being a key player in bolstering the African healthcare system is core to Aspen’s identity. We are most grateful for the tangible support provided in reaching our objectives. The World Bank Group, through IFC, has once again demonstrated their commitment by actively assisting Aspen in capacitating Africa.
“We thank them for their confidence in Aspen and for sharing our vision. Together, we will reach our ambitions of making Africa more independent, giving both dignity and facilitating access to innovation for the African continent,” says Aspen group CE Stephen Saad. 