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Tue 1 Jul 2003 04:00 AM

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IFC invests US $15M in Jordan's pharmaceutical sector

The International Finance Corporation (IFC), the private sector arm of the World Bank Group, signed an agreement yesterday (June 30) to provide a US $15 million corporate loan to support the expansion of the Hikma Group, a Jordanian headquartered multinational pharmaceutical company.

The International Finance Corporation (IFC), the private sector arm of the World Bank Group, signed an agreement yesterday (June 30) to provide a US $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 & 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.

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