By Alex C
International Finance Corporation (IFC), a member of the World Bank Group, has sealed an agreement with HealthPlus Limited and CasaBella International Limited to provide a $5 million loan facility that will help the companies expand pharmaceutical and personal care services in Nigeria.
Under the agreement, IFC will assist HealthPlus and CasaBella establish a central distribution centre in Lagos and expand their combined retail business network from 38 to 120 stores across Nigeria within the next three to four years.
This move is in tandem with the National Drug Distribution Guidelines, which seeks to sanitise the chaotic drug distribution chain that has led to counterfeiting of medical products in the country.
Bukky George, CEO of HealthPlus Limited and CasaBellasaid, says the company’s strongest drive is to help people achieve optimum health and vitality by providing quality pharmaceutical and personal care products.
According to George, “partnering with IFC will help us expand our reach and will give us access to global industry best practices. With support from IFC and our other stakeholders, we will be able to achieve our vision of bringing quality health and wellbeing to more Nigerians.”
German Vegarra, IFC regional industry head, discloses that as a partner to HealthPlus, IFC hopes to increase access to affordable quality health and personal care products, and foster industry best practices that will boost investor confidence in Nigeria’s pharmaceutical and personal care sector.
“By supporting HealthPlus and CasaBella, IFC is promoting a medium-sized enterprise that was founded by a woman entrepreneur and has become a household name in the country,” Vegarra says.
IFC supports the health sector to improve access to high quality healthcare services for people at lower and middle-income levels. By working with partners who are willing and able to bring best practices to healthcare and life sciences, IFC is promoting the growth of efficient and effective companies to generate an important public good in a sustainable way.
Among other things, the project is targeted at supporting Nigeria’s drive for delivery of quality pharmaceutical and personal care products, improve Nigeria’s drug distribution chain, create more jobs, and contribute towards the improvement of health and wellbeing of Nigerians
According to a World Bank health report, African health expenditure will keep growing rapidly, with the private sector playing a key role in the delivery of quality health and personal care services to the urban poor and rural dwellers.
It is noteworthy to state that in FY14, IFC has provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development.