Shanghai Fosun Pharmaceutical Group Co., Ltd (SHA: 600196; HKG: 2196) has announced the anticipated completion of the first phase of a significant project in Côte d’Ivoire, West Africa. Upon full completion, the project is set to produce 5 billion drug units per year and will feature a warehouse facility capable of holding 10,000 pallets, significantly contributing to the local economy of Grand Bassam with 1,000 job opportunities.
Initiated in November 2022 as part of the “Belt and Road Initiative,” Fosun Pharma’s project aims to introduce its proprietary artemisinin-based antimalarial drugs to the African market. In 2023, the International Finance Corporation (IFC) partnered with Fosun Pharma, extending a EUR 50 million loan to establish a production facility for antimalarial and antibacterial drugs near Abidjan, Côte d’Ivoire’s largest city and economic capital. The multi-phase project is expected to see its first phase completed in 2024.- Flcube.com