To support the production and distribution of life-saving medicines and vaccines in Africa, IFC; Proparco; the German Development Finance Institution (DEG); and the U.S. International Development Finance Corporation (DFC), today announced a joint financing package for Aspen Pharmacare Holdings Limited (Aspen).

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 mobilized from DEG, DFC, and Proparco, a subsidiary of Agence Francaise Development, the French Government’s development finance institution. 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.