The International Finance Corporation and Avacare Global announce a new partnership to increase access to medicines and health products in Africa
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The International Finance Corporation (IFC), an international financial institution that provides investment advisory and asset management services to encourage private sector development in less developed countries, announced on Monday a partnership with Global Avacare to help the company expand its manufacturing and distribution of various pharmaceuticals and healthcare consumables, including generic drugs in Africa. IFC said the move aims to increase access to affordable, high-quality health products and services across Africa.
Under the partnership, announced on the sidelines of the Africa CEO Forum, IFC will provide Avacare with a capital investment of $28.6 million to help the company expand its manufacturing base, both organically and through acquisitions, in East and Francophone Africa. This investment comes at a time when Africa needs to expand and strengthen its manufacturing capacity to meet growing local demand for medicines and vaccines.
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