By Andy Sambidge
World Bank's private sector lender offers loan to provide better access to generic drugs
Hikma Pharmaceuticals will receive up to $110m in debt financing from the International Finance Corporation, the World Bank’s private-sector lender, to improve access to generic medicine in the Middle East and North Africa.
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, it said in a statement.
“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.”
The loan will support Hikma’s ongoing programme of capital expenditure and expansion, improving healthcare in the region.
“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."
The IFC, which has approved $2bn worth of investments in the Middle East and North Africa this year, expects to invest as much as $6bn in the region over the next three to four years, it said.
Hikma, based in London, was founded in Amman, Jordan in 1978 and relies on the Middle East and North Africa for 61 percent of revenue, the company said.