EBRD funds medicine production in Jordan

By Nibal Zgheib

For the first time in Jordan and in the southern and eastern Mediterranean (SEMED) region, the European Bank for Reconstruction and Development (EBRD) is investing in a pharmaceutical company to expand its facilities and develop an innovative range of products.

The EBRD financing will enable Hikma to continue its Jordanian operations efficiently and to upgrade the manufacturing standards of its operating subsidiaries in the SEMED region.

The Bank’s support will also contribute to the future growth of Hikma and to product development by financing the acquisition of intellectual property rights (IPRs). These are important for the development of sophisticated medicines at affordable prices. The IPRs will be acquired by Hikma subsidiaries in Jordan and – in the medium to long-term – will be commercialised at a viable cost in the SEMED region.

Heike Harmgart, Head of the EBRD office in Jordan, said: “We are very happy to team up with Hikma and to support the development of the Jordanian pharmaceutical industry. This will enhance the country’s prominence as a pharmaceutical manufacturing hub.”

Founded in 1978 in Jordan, Hikma is a leading pharmaceutical group in the SEMED region, and has been traded on the London Stock Exchange since 2005. The group is owned and managed by two generations of the Darwazah family, who are based in Jordan.

Since September 2012, when EBRD operations began in Jordan, the Bank has invested €180 million across five projects in the country.