IFC invests USD29M in Senegal’s Carrefour Medical to boost local manufacturing

SENEGAL—IFC, a member of the World Bank Group, has announced a strategic partnership with Carrefour Medical, a leading healthcare supplier in Senegal and part of the COSEMAD Group.

This collaboration aims to strengthen local manufacturing capabilities and enhance access to quality healthcare equipment and consumables throughout the country.

The partnership brings €18 million (XOF 12 billion, or about USD 29 million) in financing to Carrefour Medical, with the majority provided in local currency.

This substantial investment will enable the company to expand its distribution capacity for essential medical equipment and consumables across Senegal’s healthcare sector.

Beyond distribution expansion, the funding supports the completion of Carrefour Medical’s new headquarters facility.

This modern complex will feature a technical center dedicated to equipment maintenance and a specialized training center for engineers.

The investment also helps scale operations at the company’s recently constructed dialysis kit component production plant, marking a significant step toward local manufacturing independence.

The initiative is projected to generate more than 1,000 direct and indirect skilled jobs, providing valuable employment opportunities while building technical expertise within Senegal’s healthcare sector.

As healthcare demand continues to rise across the country, this partnership addresses a critical market gap by improving access to vital dialysis services and other specialized medical care.

Saliou Mboup, founder and CEO of Carrefour Medical, emphasized that IFC’s partnership extends far beyond financial support.

He noted that IFC’s team invested considerable time understanding the company’s current operations and long-term ambitions, helping refine expansion plans and identify future market opportunities.

Mboup highlighted that this collaboration represents international recognition of their vision’s relevance, the strength of their achievements, and their organization’s credibility and solvency.

With IFC’s support and industry expertise, Carrefour Medical is building a stronger, more resilient business capable of meeting the growing healthcare needs of Senegal and West Africa.

Olivier Buyoya, IFC Regional Director for West Africa, stressed the critical importance of bolstering private-sector investment in healthcare to improve resilience and service delivery.

He explained that the partnership with Carrefour Medical will boost local healthcare manufacturing, reduce dependence on imports, lower the cost of lifesaving dialysis care, and build local skills and quality jobs.

Buyoya expressed pride in joining forces with a local champion to support Senegal’s efforts toward universal health coverage, aligning with the country’s Vision 2050 agenda.

This partnership reinforces IFC’s commitment to empowering Senegal’s local champions and boosting value creation and employment across strategic sectors, including healthcare, finance, manufacturing, and energy.

The initiative supports the government’s upcoming “Sunu Champion” program, which aims to position national enterprises to compete successfully in regional and global markets.

Strengthening healthcare infrastructure, particularly local pharmaceutical manufacturing, remains a key strategic priority for IFC in Senegal.

Over the past three years, IFC has supported the Institut Pasteur de Dakar in developing a state-of-the-art vaccine plant in Diamniadio.

The organization has also partnered with Duopharm, a leading pharmaceutical distributor, to establish a new medicine manufacturing facility in the country and taken an equity stake in Kera Health, a health startup focused on expanding access to quality care.

These initiatives collectively aim to boost local production, reduce reliance on imports, and improve access to essential medicines in line with Senegal’s Vision 2050 development plan.

IFC’s investment receives support from the International Development Association Private Sector Window (IDA PSW) Local Currency Facility (LCF) and Blended Finance Facility (BFF), which provides long-term, local currency financing not readily available in the market.

 The support to Carrefour Medical also aligns with the World Bank Group’s “Health Works” vision, which aims to provide quality healthcare to 1.5 billion people by 2030.