AfDB backs Minapharm with €15M loan to advance biosimilar access across Africa

EGYPT – The African Development Bank (AfDB) has approved a €15 million senior corporate loan to Minapharm Pharmaceuticals S.A.E., a leading Egyptian biopharmaceutical company, to support its ambitious expansion and renovation plans.

The investment is aimed at strengthening Africa’s capacity to produce affordable biosimilars for critical diseases such as cancer and autoimmune disorders.

The funding will help complete Minapharm’s second biotech facility, “XpandC,” located in Cairo’s 10th of Ramadan Industrial Zone, and upgrade existing production lines.

With a total project cost of €78.9 million, the initiative is expected to enhance the supply of high-quality, locally manufactured medicines, reduce reliance on imports, and generate €446 million in local value addition.

Founded in 1956, Minapharm is among the few African companies pioneering biotechnology and biosimilar development.

Its expansion will increase production from 3 million to 7.65 million doses by 2032 and introduce two new biosimilars.

Approximately 32% of this output will be exported to countries including Algeria, Morocco, and Nigeria, earning vital foreign exchange.

“This investment aligns with our mission to industrialize Africa and improve lives through innovation,” said Ousmane Fall, AfDB’s Acting Director of Industrial and Trade Development. “It’s also a step toward regional integration and pharmaceutical self-reliance.”

Minapharm’s CEO, Dr. Wafik Saad El Bardissi, emphasized the company’s dual focus on innovation and affordability: “With AfDB’s support, we’re scaling to meet Africa’s healthcare needs with economically viable therapies.”

The loan features an 8-year tenor with a 3-year grace period and is projected to create over 200 jobs—90% for youth under 35 and 30% for women. The initiative also supports Egypt’s 2022–2026 Country Strategy Paper and AfDB’s 2030 Vision for Africa’s pharmaceutical industry.

In sharp contrast, the AfDB recently fined Kenya KSh119 million (€ 806,670) for failure to account for past loan usage in the construction of a kidney hospital, raising transparency concerns in public sector spending.