The EBRD financing will allow the company to double its production capacities. Founded in 1991, Jadran Galenski Laboratorij is the second largest pharmaceutical company in Croatia specialising in the production of sterile nose, eye and ear drop solutions. The company exports 75 per cent of its production.
To meet rising demand, JGL is expanding its production facilities with the construction of a new “Pharma Valley”, which will double its output in sterile solutions and create 100 new jobs. The EBRD’s loan will be complemented by a €32.7 million loan provided by the Croatian Development Bank HBOR.
Vedrana Jelušić Kašić, EBRD Director for Croatia, said: “We are very proud to support a strong private Croatian company to become even stronger. Jadran Galenski Laboratorij serves as an example of the country’s potential in terms of entrepreneurship, innovation and know-how. We hope that many more local companies will emulate this successful example.”
Ivo Usmiani, President of the Jadran Galenski Laboratorij Management Board, said: “We are very pleased that a reputable financial institution such as the EBRD has recognised JGL as a long-term partner. The loan will finance working capital needed for our ongoing investment projects while providing additional support to our strong growth and sustainable development. This will ensure the capacities for research and development, production and storage and will support JGL in taking a further strategic step in selected therapeutic areas in the global pharmaceutical market.”
The EBRD has been active in Croatia as an investor since the country’s independence and has invested more than €3.08 billion in over 170 projects to date. The Bank’s activities include all areas of the economy and are especially strong in the infrastructure, corporate, financial institutions and energy sectors.