The European Bank for Reconstruction and Development (EBRD) is providing a US$ 30 million loan to MS Pharma Ventures W.L.L. to finance the production of new generic pharmaceutical products.
Locally manufactured medicines are scarce in Jordan and in the wider region of the Middle East and North Africa (MENA). The Bank’s investment will contribute to the commercialisation of these products and improve access to the latest generation of pharmaceutical products in the region.
The EBRD loan will help the company to upgrade and expand its manufacturing facilities, increase its capacity and produce specialised products for chronic illnesses such as cancer, or cardiovascular, central nervous system, and respiratory diseases.
Dr Heike Harmgart, EBRD Head of Office in Jordan, said: “We are very happy to support MS Pharma, in line with the Bank’s strategy to promote innovation. This cooperation will contribute to the development of Jordan as a pharmaceutical manufacturing hub in the region and will help boost the production of vital medicines.”
Frederic Lucenet, EBRD Director for Manufacturing and Services, said: “We are very proud to help MS Pharma as it continues to provide higher quality and affordable medicines as well as contributing to the creation of skilled jobs.”
Ghiath Sukhtian, Chairman of MS Pharma, said: “We are delighted to cooperate with the EBRD as we continue to expand our manufacturing capacity and increase our production capabilities, product offerings and market reach.”
Jordan became a member of the Bank in 2012 and to date the EBRD has committed US$ 356 million to 20 projects in Jordan for various sectors. Through the EBRD’s Small Business Support programmes the Bank has also initiated 67 technical assistance capacity-building support programmes that directly benefit Jordanian small and medium-sized enterprises.