IFC invests $15 Million in Jordan's pharmaceutical sector
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, signed an agreement today to provide a $15 million corporate loan to support the expansion of the Hikma Group, a Jordanian headquartered multinational pharmaceutical company.
The transaction will help finance a number of Hikma's on-going projects, including enhancing production and R&D facilities in Jordan, establishing a new facility in Algeria, and expanding its production facility in Portugal.
The project will have a strong developmental impact by increasing the competitiveness of one of the few emerging Jordanian global players and contributing to the growth of the Jordanian pharmaceutical sector, a major contributor to the country's exports.
"This investment highlights IFC's commitment to support the continued development of a leading Jordanian pharmaceutical company into a global company", said Sami Haddad, IFC director for the Middle East and North Africa region.
He added, "IFC's long-term corporate loan will help the Hikma Group implement its business strategy, further expanding its sales in the Middle East and North Africa, the USA, and Europe."
IFC's mission is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses.
From its founding in 1956 through FY02, IFC committed more than $34 billion of its own funds and arranged $21 billion in syndications for 2,825 companies in 140 developing countries. IFC's committed portfolio as of FY02 was $15.1 billion for its own account and $6.5 billion held for participants in loan syndications. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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