Amman, Jordan, May 14, 2017
—IFC, a member of the World Bank Group, is investing $45 million in MS Pharma, a leading Jordanian-based pharmaceutical company, to support its expansion to new markets and promote access to affordable generic pharmaceuticals and healthcare products across the Middle East, Turkey, and Africa.
MS Pharma is a leading regional manufacturer of branded generics in oral, topical, and injectable forms with manufacturing sites in Algeria, Jordan, and Turkey. The company exports to over 20 countries across the Middle East, Africa and Europe. It specializes in medication for chronic conditions such as cardiovascular, central nervous system, and respiratory diseases, which are experiencing high growth rates across the region.
“We are delighted to welcome IFC as a partner in MS Pharma,” said Ghiath Sukhtian, chairman of MS Pharma. “We are committed to providing better healthcare solutions for people in the region and beyond, and IFC’s financing will help us grow further, develop new products and technologies, and reach more patients.”
IFC's financing is designed to demonstrate how investments from within MENA can stimulate economic growth and increase the transfer of knowledge and technology across borders. The pharmaceutical industry is one of the largest industries in Jordan with a high level of knowledge and standards, and the project will help create hundreds of jobs for skilled workers.
“We believe that supporting leading companies such as MS Pharma will not only improve access to high quality affordable medicines in a region that is underserved, but will also provide much-needed skilled jobs,” said Lukas Casey, IFC’s regional manager for manufacturing and services in Europe, Middle East and North Africa.
The investment fits within IFC’s broader strategy of improving the supply of high-quality medical products in developing countries by helping manufacturers and distributors grow and enter new markets. MS Pharma, which has around 2,000 employees, plans to add about 850 jobs in the next three years. It also supports a large number of indirect jobs through its manufacturing supply chain.
IFC is the world’s largest multilateral investor in private healthcare, managing an active portfolio of about $1.3 billion worth of health investments. IFC investments in service providers, pharmaceuticals and medical technology are aimed at promoting greater access to affordable, high-quality healthcare.
About MS Pharma
MS Pharma is a leading pharmaceutical and healthcare solutions provider and partner of choice in the Middle East, North Africa, and Turkey. The company has some 2,000 employees, a presence in 12 countries and exports to over 20 countries across the Middle East, Africa and Europe. The company has the capability to manufacture branded generics in oral, topical, and injectable form. The company is headquartered in Jordan and has manufacturing facilities in Algeria, Jordan, and Turkey.
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 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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