CarMed

pending

 Carrefour Medical (“CM” or the “Company”), established in 2007, specializes in the distribution, installation and maintenance of medical equipment. The company operates mainly in Senegal, with small footprint in Mali, Cote d’Ivoire, Benin, Burkina Faso and Guinea. CM is part of the COSEMAD group (“COSEMAD” or the “Group”) which operates in various sectors such as real estate, food distribution, construction and energy. The main products of CM consist of oxygen centrals and dialysis kits, with distributions of other equipments such as scanners and MRIs. In 2023, CM constructed a dialysis kit production facility located at Pout, Thies, Senegal; capable of producing 2 million one-time use kits annually, and the plant started operation in July 2024. At the time of the appraisal, the facility was operational at 10% of its maximum capacity and was producing 4 out of 14 components of the dialysis kit. The four components are mainly electrolytes, acid (citric and acetic) and sodium bicarbonate solutions and capsules. The production process involves mainly preparation of the solution or mixture, with either concentrated liquids or solid; and packing in the required container or capsule (for solids). The concentrated liquids and based solids are mainly imported from Europe. For liquid products, CM has installed a High Density PolyEthylene (HDPE bottle) extrusion machine, which produces HDPE containers (max 5 litres) on site. As for the solid products, the capsules are imported. The production plant is also equipped with a small double Reverse Osmosis (RO) plant, capable of producing 1.3m3/day amount of water per day. The company has also started the construction of its new headquarter, that will be located in Diamniadio, Senegal. The new headquarter will also house a training centre for biomedical engineers and will be used as the main technical centre for CM. At the time of the appraisal, approximately 60% of the construction works were completed, with an expected completion date by the end of 2025. The company also owns and operates 3 warehouses located in Dakar, where equipment are stored temporarily (around 6 months maximum) before being installed at the client’s premises. The proposed IFC investment is an A-Loan of up to EUR18 million the company to (i) provide permanent working capital to increase their distribution capacity with a focus on dialysis treatment, (ii) support the completion of CM’s new headquarter (HQ) under construction, and (iii) put in operation its recently completed dialysis kit production plant (the “Project”).