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ADB to finance new 10 million euro pharmaceutical factory in Cabo Verde

Bank is making emergency funds available to compensate archipelago for consequences of price hikes caused by war in Ukraine.

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Bank is making emergency funds available to compensate archipelago for consequences of price hikes caused by war in Ukraine.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

The African Development Bank (ADB) is set to finance the expansion of Cabo Verde drug company Inpharma, which aims to build a new factory at an estimated cost of 10 million euros.

Cabo Verde’s deputy prime minister, Olavo Correia, said that ADB president, Akinwumi Adesina, had confirmed the project would go ahead during a visit to Cabo Verde.

“With the new manufacturing unit, Inpharma will have greater production capacity and, consequently, greater ability to meet the needs of both the domestic market and the markets to which it exports medicines,” said Correia.

“The new factory unit will also allow Inpharma to provide production services to third parties.

“Inpharma wants to expand to destinations considered to be promising, which will allow it to develop more consistent commercial relations in those markets, thus expanding its business volume.”

Created in 1991, Inpharma exports medicines and services mainly to African markets.

The president of the ADB visited Cabo Verde to inspect projects that are part of his portfolio in the archipelago. The high point was the inauguration of the expansion and modernisation of the port on the island of Maio.

Since the ADB began operations in Cabo Verde in 1977, it has funded 69 projects there, worth a total of US$643 million, in sectors ranging from energy to transport, health, agriculture, new technologies and governance.

Adesina said that the ADB is preparing funding of 40 million euros to boost food production in Cabo Verde, in the face of rising prices caused by the war in Ukraine.

“At the moment, Cabo Verde spends about 28 million euros importing food to cater for the tourism industry. So we are planning a 40 million euro co-investment. ADB will put in 20 million euros and other donors and partners will contribute the rest,” Adesina explained.

He also said that the board of the ADB plans to approve this month emergency support to Cabo Verde of 10 million euros, for aid and food security, as a way of supporting the archipelago to “deal with consequences” of the price hikes on the international market also caused by the war in Ukraine.

 

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