(Ecofin Agency) - Hikma Pharmaceuticals obtained $200 million from the International Finance Corporation IFC to improve its drug distribution service in the MENA region.
This credit line includes a loan of up to $150 million from the IFC's account and a trust loan of up to $50 million from foreign investors interested in increasing their exposure to emerging markets. It will be used to meet the beneficiary's working capital needs and finance its expenditures over the next two years. Part of the money will also be pumped into the production and marketing of generic drugs in the MENA markets.
"We are pleased to continue this partnership with IFC. Hikma is committed to delivering essential medicines to its customers and patients during this critical time. IFC's financing will help us maintain this momentum and will be used for general corporate purposes that support our strategic growth plans," said Khalid Nabilsi, Hikma’s Chief Financial Officer.
This long-term loan is part of the $8 billion fast-track COVID-19 facility set up by the financial institution to support its clients and enable them to cope with the operational and financial impact of the covid-19 pandemic.