The IFC is making a $4.5 million loan to Goodlife Pharmacy, the Kenyan based pharmacy chan to help it expand its retail footprint with 80 planned new outlets across Kenya and the broader East African region over the next 5 years. The company plans to expand rapidly, opening retail outlets in convenient locations in retail centres, petrol stations and others in close proximity to health clinics.
Goodlife will provide affordable, quality healthcare products to an expanding population with growing incomes in a region lacking in reliable, consistent pharmacy services. The new stores will serve an estimated 2 million people annually, tailored to meet the needs of customers at various income levels. All stores will adhere to global standards and be subject to strict quality tests.
In sub-Saharan Africa, the IFC has invested $155 million in healthcare projects over the last decade, as it seeks to improve access to affordable high-qualty healthcare essential to social and economic development.
Private Equity firm Catalyst Principal Partners and Mauritius-based pharmaceutical chain acquired stakes in the company in September 2014.