LONDON: Jordan-based Hikma Pharmaceuticals is to receive up to $110 million in debt financing from the World Bank’s private-sector lender to help improve access to high-quality generic medicines in the Middle East and North Africa.
The International Finance Corp (IFC) said on Monday the investment would enable Hikma to provide more high-quality medicines to people in the region, while at the same time boosting jobs in the pharmaceuticals sector.
London-listed Hikma, which sells generic and branded drugs, generates around 60 percent of its sales from the Middle East and North Africa region.
Its business has been disrupted this year by political unrest, although the company said last month that sales had recovered in Tunisia and Egypt.
"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 IFC Chief Executive Lars Thunell.
"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."