IFC, Proparco, DEG, and DFC back pharma company Aspen

The financing will support Aspen's Manufacturing in Africa for Africa strategy.

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To support the production and distribution medicines and vaccines in Africa, the International Finance Corporation (IFC), Proparco, DEG, and the US International Development Finance Corporation (DFC), announced a joint financing package for Aspen Pharmacare Holdings.

The €500 million loan package to Aspen Treasury Ireland Limited, 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. Aspen is a South Africa-based, global specialty and branded multinational pharmaceutical company.

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 pediatric 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.

Stephen Saad, Aspen's group chief executive, said, "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."

"IFC is thrilled to enhance its support to Aspen, joining forces with our development finance partners to strengthen regional healthcare systems. We're not just talking about it, we're taking action," said Makhtar Diop, IFC's managing director. "By supporting the development of vaccine and human insulin manufacturing capabilities in Africa, along with other vital medications, we're improving access for millions of people. Our efforts align with the African Union's Pharmaceutical Manufacturing Plan for Africa."

"Aspen plays a key role in increasing the production of vaccines and medicines on the African continent and promoting equal access to health products," said Françoise Lombard, CEO for Proparco. "We are thrilled to strengthen our support to the African pharmaceutical champion alongside our trusted partners IFC, DEG and DFC. This new transaction comes shortly after France hosted the launch of the African Vaccine Manufacturing Accelerator (AVMA) last June, echoing Proparco's ambitions to support the development of local production capacities and to promote access to affordable quality medicines and vaccines."

"DEG is committed to the UN Sustainable Development Goals, one of which is improving healthcare," said Monika Beck, member of DEG's management board. "Therefore, we are delighted to contribute to pharmaceutical manufacturing and distribution in Africa together with our trusted development finance partner institutions. Supporting improved access to quality, innovative medicine across Africa is highly impactful, and the private sector plays a key role in this."

"The growth of resilient economies begins with investments in the well-being of people," said Scott Nathan, DFC's chief executive officer. "Onshore manufacturing of insulin, vaccines, and other pharmaceuticals in Africa will promote public health while creating value for local communities. We're proud to be partnering with Aspen and our fellow development finance institutions to meet this critical need."

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