Posted by: APO | 19 December 2011

IFC Pharmaceutical Investment Supports Better Healthcare in Middle East and North Africa

IFC Pharmaceutical Investment Supports Better Healthcare in Middle East and North Africa

 

CAIRO, Egypt, December 19, 2011/African Press Organization (APO)/ IFC, a member of the World Bank Group, is providing up to $110 million in debt financing to Hikma Pharmaceuticals PLC to help improve access to high-quality generic medicines in the region.

IFC’s investment will enable Hikma to continue to provide skilled jobs and high-quality medicines to people in the region, many of whom lack access to the latest medical care.

 

“Hikma and IFC have worked together for more than two decades to provide better healthcare for people in the region, and IFC’s latest investment in our company speaks to this long relationship built on our strong business,”

said Hikma CEO Said Darwazah. “IFC’s latest financing will strengthen Hikma’s ability to do what we do best—bring high quality medicines to the people who need them.”

 

This loan will support Hikma’s ongoing program of capital expenditure and expansion, improving healthcare in the region. It also demonstrates how investments from within the Middle East and North Africa can stimulate economic growth and facilitate the transfer of knowledge and technology across borders.

 

“We believe that supporting leading companies such as Hikma will not only improve access to high quality affordable medicines across the region, but will also provide much-needed skilled jobs, “said Lars Thunell, IFC Executive Vice President and CEO.”This project also demonstrates to investors that the region holds great potential during a time when many countries are struggling financially in the wake of recent events.”

 

This year, IFC has approved $2 billion worth of investments, including mobilization, in the Middle East and North Africa. It has committed over

$6.2 million in advisory projects. Many of those initiatives are designed to spur economic development and promote investment in countries whose economies have struggled in the wake of recent political developments. Over the next three to four years, IFC expects to invest up to $6 billion, including $2 billion in mobilization, in the region.

 

SOURCE 

The World Bank


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