AfDB invests US$16.6M in Egypt’s Minapharm for biosimilar production

EGYPT— The African Development Bank (AfDB) has granted a €15 million (US$16.60 million) senior corporate loan to Minapharm Pharmaceuticals, a prominent biopharmaceutical company operating in Egypt.

This funding is designed to support Minapharm in implementing its ambitious expansion and renovation plans, with a specific focus on developing affordable biosimilars for the treatment of cancer and autoimmune diseases.

These initiatives are designed to meet critical healthcare demands across Africa and the Middle East.

The loan, which features an 8-year term with a 3-year grace period, will be utilized to finalize Minapharm’s second biotechnology facility, known as “XpandC,” located in Cairo’s 10th of Ramadan Industrial Zone.

Moreover, the funds will upgrade current production lines. In total, the investment in this initiative will amount to €78.9 million (US$87.31 million), significantly enhancing Egypt’s capacity to produce high-quality, affordable medicines locally.

Ousmane Fall, the Acting Director of Industrial and Trade Development at the AfDB, underscored that this project aligns with the Bank’s broader objectives of industrializing Africa, improving the quality of life, and promoting regional integration.

He highlighted that investing in Africa’s pharmaceutical sector will not only create jobs but also enhance access to life-saving treatments.

Established in 1956, Minapharm has been a trailblazer in African biotechnology for over 25 years.

The new XpandC facility aims to increase the company’s annual production capacity from 3 million to 7.65 million doses by 2032.

The company also plans to introduce two new biosimilars—Adessia (Humira) for cancer treatment and Zevanzia (Avastin) for autoimmune disorders—targeting both local and export markets.

Notably, 32% of the output is expected to be exported to countries such as Algeria, Morocco, and Nigeria, which will significantly contribute to foreign exchange revenue.

The project is set to create 208 full-time jobs, with 30% reserved for women and 90% aimed at young people under 35.

Moreover, it will reduce the country’s reliance on imported medications by promoting local production, leading to savings in foreign exchange and bolstering Egypt’s economic resilience.

Furthermore, the initiative is projected to generate €446 million (US$493.57 million) in local value and foster €137 million (US$151.61 million) in domestic business connections, with 40% of the benefits accruing to small and medium-sized enterprises.

Dr. Wafik Saad El Bardissi, the Chair and CEO of Minapharm, expressed the company’s commitment to innovation and affordability.

 He emphasized that, with the support of the AfDB, Minapharm is poised to ramp up production to meet Africa’s rising demand for advanced therapies, ultimately ensuring better health outcomes for millions.

This initiative aligns seamlessly with AfDB’s strategic goals for industrial development and pharmaceutical self-reliance while supporting Egypt’s national development strategy for 2022-2026.

It represents a crucial step toward reducing Africa’s dependence on imported medicines, which currently account for a staggering 90% of its pharmaceutical supply.

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