A private equity firm focused on investment in Africa called 54 Capital has supported Ethiopia’s Addis Pharmaceutical Factory (APF) with USD 42 million, The Daily Monitor reported.

54 Capital has made an initial investment of USD 30 million with an option to provide further USD 12 million for Addis to use it for improving production capacity and enhancing its product portfolio, the firm said in a statement on Thursday, January 7, 2016.

Saad Aouad, founder and CEO of 54 Capital said: “Through our investment in to APF we will be both partnering with EFFORT, an investment group engaged in Ethiopian business.”

APF headquartering in Adigrat, Tigray, manufactures “high quality products across” various therapeutic categories to primarily supply it to the Ethiopian market.

54 Capital is an Africa-focused asset management firm established in 2013. In 2013, the firm has invested  five million Pound on the largest private university in Morocco, UPM.

The Ethiopian government sees the pharmaceutical sector as a major sector for development.

Source: The Daily Monitor