Nigeria to benefit from $2.75m credit facility for Africa’s health sector

The International Finance Corporation (IFC), World Bank’s private lending arm, has finalized a $2.75 million loan agreement with Trivitron Healthcare Africa, a medical joint venture targeting Africa.

This new resource comes as a complement to the $7.25 million previously mobilized by the joint venture partners Trivitron Healthcare and IFHA (Investment Funds for Health in Africa).

The new fund according to statement will be used to enhance the manufacturing and distribution of medical technology products in 4 African countries namely Nigeria, Kenya, South Africa and Algeria.

“Trivitron will provide high-quality medical devices and instruments with reliable after-sales service support across Africa, thereby improving access and affordability of medical equipment across the continent,” IFC says in disclosures.

Trivitron Healthcare, which is based in the city of Chennai in eastern India, has an extensive global reach with more than 50,000 distribution sites located in about 165 countries.

The company has a total of nine manufacturing sites in India, Turkey and Finland from which medical equipment destined for the new markets in Africa will be sourced.

It produces various equipment including for mammography, renal care, intensive care as well as ultrasounds, radiation protectors and several other critical medical instruments.

“Trivitron plans to rent office space and does not plan to manufacture any equipment. The company intends to import equipment from recognised and established suppliers,” the IFC says.

The PE fund, which counts the IFC, Pfizer, African Development Bank and European Investment Bank as its backers, has investments in healthcare providers in Africa.

David Ibemere