Istanbul, August 21, 2017
—IFC, a member of the World Bank Group, is providing a $25 million loan to Nobel Ilac, a leading pharmaceutical company in Turkey and the country’s only net exporter in the sector, to help meet the growing demand for innovative, affordable, and high-quality medicine in Turkey.
IFC’s loan will support Nobel Ilac’s research and development efforts and help the company ramp up production. Turkey is largely dominated by branded generic products. IFC’s support will also allow Nobel Ilac to expand its product portfolio to include specialized generic medicine. This will enable millions of the company’s customers in Eastern and Central Europe to obtain affordable and high-quality medicine.
Nobel Ilac Chairman Hasan Ulusoy said: “Biotechnological drugs provide opportunities for sustainable health care systems. In our country, it is urgent to shift to production of biotechnological drugs in parallel with the developments in the world. Nobel Ýlaç considers biotechnology as a strategic priority and with the support of IFC’s investment we aim to develop at least one domestic biotechnological drug by 2023.”
Dimitris Tsitsiragos, IFC Vice President of New Business, said: “Our investment in Nobel Ilac is in line with our strategy in Turkey to support the export-oriented growth and international expansion of Turkish companies. Nobel will introduce locally produced, high-value-added medicines to local and international markets and, at the same time, help to close the pharmaceutical trade deficit in Turkey.”
IFC’s support is part of a $48 million investment plan developed by Nobel Ilac. The program will also be be financed by Is Leasing and the company’s own funds. The Scientific and Technological Research Council of Turkey (TUBITAK) is also supporting the investment program with grants and technical assistance.
IFC has been making significant investments in Turkey’s healthcare system. It has supported a series of landmark public-private partnerships and made investments in private companies. Turkey is currently the second-largest country in IFC’s global portfolio with $5 billion in commitments.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
www.ifc.org
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