EBRD lends US$ 11 million to Mutabar Medical Standart

By Anton Usov

EBRD lends US$ 11 million to Mutabar Medical Standart

Loan to support innovative and efficient pharmaceutical production

As part of its new engagement in Uzbekistan, the EBRD is channelling funds into the country’s pharmaceutical industry to renew production facilities, foster research and development and support export potential.

A loan of up to US$ 11.2 million will support the construction of a new plastic ampoules production facility at Mutabar Medical Standart LLC (Mutabar), Uzbekistan. The blow-fill-seal (BFS) equipment to be installed at Mutabar will ensure better product safety and a high degree of sterility. This is a modern technological process that also reduces the cost of medicines since the ampoules are produced in-house, in compliance with the highest industry standards. It will help increase the overall quality of production and replace widely used glass ampoule injections in Uzbekistan.

Part of the loan is earmarked for research and development, which will allow Mutabar to introduce new generic products otherwise not available on the domestic market.  

EBRD First Vice President Phil Bennett said: “A properly functioning pharmaceutical sector can make a big difference to the quality of people’s lives. This project will support necessary innovation, the impact of which will be felt in hospitals across Uzbekistan. It will also make Mutabar more competitive domestically and in the Central Asia region.”

Davron Abdullaev, Director of Mutabar Medical Standart, said: “The introduction of new plastic ampoules to the market eliminates the risk of human injury and eases the process of waste utilisation.”

The EBRD is the largest institutional investor in Central Asia, with close to €11.6 billion (US$ 12.3 billion) committed to projects in a variety of sectors, from infrastructure to agriculture, with a focus on private sector development. It has successful experience of bringing innovation to Uzbekistan’s pharmaceutical sector through direct and indirect lending and a number of consultancy projects, which helped companies improve operational and financial management and obtain ISO 9001 and Good Manufacturing Practice (GMP) certificates.

The Bank has to date invested €894 million in Uzbekistan. Its current portfolio in the country is €8 million.