The International Finance Corporation and Avacare Global announce a new partnership to increase access to medicines and health products in Africa

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.

Dr. Evans Atito Narh receives a dose of the AstraZeneca/Oxford COVID-19 vaccine at the Ridge Hospital in Accra on March 2, 2021, as Ghana rolls out its national COVID-19 vaccination campaign. Health workers, the elderly and people with underlying illnesses are prioritized for vaccination. As the global rollout of COVAX vaccines accelerates, the first COVID-19 vaccination campaigns in the African Region using doses of COVAX began on March 1, 2021 in Ghana and Côte d’Ivoire. These campaigns are among the first to use the doses provided by COVAX. This is a historic step towards equitable distribution of COVID-19 vaccines around the world. COVAX, the vaccine pillar of the COVID-19 Tools Access Accelerator (ACT), is co-led by the Coalition for Epidemic Preparedness Innovations (CEPI), Gavi, the Vaccine Alliance and WHO working in partnership with vaccine manufacturers from developed and developing countries, UNICEF, the World Bank and others. It is the only global initiative that works with governments and manufacturers to ensure that COVID-19 vaccines are available worldwide for high-income and low-income countries.

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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