The Board of Directors of the African Development Bank (the "AfDB") has approved a EUR 15 million senior corporate loan to Minapharm Pharmaceuticals S.A.E. (Minapharm), a leading biopharmaceutical company in Egypt. This investment will support Minapharm' s expansion and renovation program, significantly boosting the development and production of affordable biosimilars for oncology and autoimmune diseases, thereby addressing critical healthcare needs across Africa and the Middle East.
The loan features an 8-year tenor, including a 3-year grace period, and will finance the completion of Minapharm's second biotechnology facility, "XpandC," in Cairo's 10th of Ramadan Industrial Zone, as well as the renovation of existing production lines. With a total investment of EUR 78.9 million directed towards Egypt's biological Active Pharmaceutical Ingredient (API) sector, this initiative aims to enhance the capacity for producing high-quality, cost-effective medicines locally.
"Minapharm's expansion aligns with the Bank's vision to industrialize Africa, improve quality of life, and foster regional integration," said Ousmane Fall, Acting Director of Industrial and Trade Development. "By supporting this project, we are strengthening Africa's pharmaceutical sector, creating jobs, and improving access to life-saving treatments."
Founded in 1956, Minapharm is a pioneer in African biotechnology, with over 25 years of experience producing biosimilars. The new XpandC facility will increase annual production capacity from 3 million to 7.65 million doses by 2032, introducing two new biosimilars--Adessia (Humira) for Oncology and Zevanzia (Avastin) for Autoimmune Diseases. This expansion will serve both Egyptian and export markets, including Algeria, Morocco, Nigeria, and beyond, with 32% of output earmarked for export, generating significant foreign exchange.
The project is expected to create 208 full-time equivalent jobs, with 30% benefiting women and 90% targeting youth under 35. In addition, it will contribute to foreign exchange savings through import substitution, thereby reinforcing Egypt's economic resilience. Local value addition is projected at EUR 446 million, with EUR 137 million in domestic business linkages, 40% of which will support small and medium enterprises.
"This investment underscores our commitment to innovation and affordability," said Dr. Wafik Saad El Bardissi, Chair and CEO of Minapharm. "With AfDB's support, we are scaling up to meet Africa's growing demand for advanced therapies, ensuring better health outcomes for millions."
This initiative aligns with the Bank's Ten-Year Strategy, Private Sector Development Strategy, and 2030 Vision for Africa's Pharmaceutical Industry, as well as Egypt's 2022-2026 Country Strategy Paper. It marks a significant step toward pharmaceutical self-reliance, reducing Africa's dependence on imported drugs, which currently account for 90% of its pharmaceutical supply.
