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Côte d'Ivoire seeks $16 million to boost pharmaceutical production this year

Friday, 09 June 2023 17:15
Côte d'Ivoire seeks $16 million to boost pharmaceutical production this year

(Ecofin Agency) - Local production of pharmaceutical products in Côte d'Ivoire accounts for 6% of national needs. To increase that percentage to 20%, the government hopes to mobilize funds from private sector partners to accelerate production.

Côte d'Ivoire wants to raise CFAF10 billion ($16 million) to boost pharmaceutical production this year, revealed Agence ivoirienne de presse on Thursday June 8.

According to Ivorian authorities, this investment will enable the country to cover 20% of its local pharmaceutical needs by 2025, compared with 6% at present.

The project was announced at a meeting organized by the private investment promotion agency CEPICI and financial services company Hedtmann-Doué, bringing together key players in the pharmaceutical industry.

For Solange Amichia, CEO of CEPICI, the meeting was an opportunity for pharmaceutical companies to showcase their investment projects, and for fund managers to present their financing strategies.

Côte d’Ivoire wants to become a major player in the international pharmaceuticals industry with a high-performance, eco-sustainable pharmaceutical industry. The government also wants to create a significant number of jobs in the national industrial pharmacy market, which is expected to reach CFAF70 billion by 2025. 

Earlier this week, the IFC announced $54 million in financing for the construction of a pharmaceutical manufacturing plant and distribution center in Côte d’Ivoire. The plant, which will be the largest in the country, is expected to manufacture about five billion tablets yearly. 

Charlène N’dimon (intern)

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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