Bogotá, Colombia, June 18, 2024. The International Finance Corporation (IFC), a member of the World Bank Group, provided a loan of COP 105,000,000,000 (approximately US$27 million) to CienoGroup, a business conglomerate oriented to health care with the objective to promote access to affordable and quality medicines and health services.
The IFC loan will support CienoGroup's efforts to upgrade its pharmaceutical manufacturing facilities, continue its digital transformation, fund working capital needs for its new hospital in Villavicencio, and strengthen its outpatient healthcare services. The investment will consolidate the reach and quality of CienoGroup's health services in underserved regions of Colombia (such as Villavicencio) and improve its pharmaceutical manufacturing through the adoption of the highest international quality standards of the World Health Organization (WHO).
Ricardo Barrero Medina, Corporate President of CienoGroup, said: "I am convinced that this collaboration with IFC opens new doors and opportunities for us to continue strengthening the industry in Colombia and continue fulfilling our vision of growth and sustainability. This milestone reaffirms our vocation to build companies with administrative and good governance models that generate trust among the different stakeholders. It also challenges us to ensure competitive differentiation in our businesses. We hope that, with the help of IFC, our vision continues to transcend."
Alfonso García Mora, IFC´s Vice President for Europe, Latin America and the Caribbean, said: "By supporting access to affordable and quality health services, this initiative with CienoGroup is aligned with the World Bank's Green, Resilient and Inclusive Development strategy (GRID), as it will also strengthen pharmaceutical supply chains and enable faster response to regional health emergencies or outbreaks. Without health, inclusion is impossible."
The poor quality of health services causes more preventable deaths each year than insufficient access to treatment. IFC helps private providers meet growing demand for healthcare, while supporting governments in their goal of achieving Universal Health Coverage by 2030.
About CienoGroup
CienoGroup is a Colombian business group with more than 30 years of experience in the health sector through competitive Business Units in the provision of Ambulatory, Complementary and Hospital Health Services, Clinical Research, Manufacturing and Marketing of Medicines, BPO & Contact Center and Construction. In addition, it has a foundation to maximize its social impact. CienoGroup currently employs more than 1,800 people and generated aggregate revenues close to $140 million at the end of 2023.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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