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EXIM Bank funds Tobinco to produce COVID-19 treatment drug

EXIM Bank Ghana is collaborating with Entrance Pharmaceuticals and Research Centre, a member of the Tobinco Group of Companies to produce hydroxychloroquine and azithromycin locally for the management of COVID-19 cases.

The EXIM bank said it is ready to advance a $5 million facility to the Tobinco Group Company for the production of the drugs locally.

The cost of the drug has shot up on the international market and Ghana Exim was highly impressed with Tobinco’s utilization of a previous grant extended to the group, and is ready to advance a new $5 million to help tackle the pandemic in the country.

In line with the President’s vision of industrializing the economy and supporting local businesses, the Exim Bank has identified 10 areas of the economy to extend support to in order to drive the agenda.

These areas include pharmaceuticals, poultry, agro-processing fruits and juices, non-alcoholic production, agribusiness including maize production, youth in greenhouse project, and cashew and shea butter production on a large scale.

On pharmaceuticals, the aim is to support companies that are into the manufacturing, production, and distribution of products within the sub-region.

  Story by Naa Anyema Collison

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