Translated version of this PSD: Russian
The Project finances the construction of a new generics pharmaceuticals production facility in Uzbekistan. The plant will have a maximum capacity of around 280 million plastic ampoules of injectables. The equipment to be installed in the facility is utilising the fully automated state-of the-art technology for pharmaceutical products packed in ampoules.
The Project will target both domestic and export markets in CIS.
The Project will entail the introduction of substantially new type of sophisticated production processes in Uzbekistan and the Borrower will undertake additional research and development expenditures to expand its product portfolio.
The Project will support the Company's integration into the regional market with exports of high quality and cost competitive pharmaceutical products.
MUTABAR MEDICAL STANDART LLC
Mutabar Medical Standart LLC, the "Borrower" is a newly established company in Uzbekistan specifically for the Project implementation. The Borrower is 100 per cent owned by Jurabek Laboratories LLC, the "Sponsor", which is the largest local pharmaceutical production company in Uzbekistan.
EBRD Finance Summary
EBRD is considering a senior secured loan to finance the acquisition of the imported equipment for the new production facility. The remaining part of the Project will be financed by the Sponsor, Jurabek Laboratories.
Total Project Cost
Environmental and Social Summary
Categorised B (2014 ESP). Due diligence confirmed that the Project does not involve the production of Active Pharmaceutical Ingredients (API)and that therefore, the environmental and social (E&S) risks associated with the works are site specific and can be managed via the implementation of a targeted action plan. Due diligence involved a review of a detailed questionnaire and technical due diligence report, and follow-up Q&A with the client. An Environmental and Social Action Plan (ESAP) has been drafted and agreed with the client to structure the Project in line with the Bank’s E&S requirements.
Due diligence has identified that the client has well developed management plans that address issues related to product quality and pharmaceutical GMP, including pharmacovigilence and product recall risks. The company has internal capacity to manage EHS risks and is in the process of implementing risk management systems that will be accredited to ISO 14001 (environment) and OHSAS 18000 (occupational health and safety - OHS). The ampoule technology and equipment is being sourced from, and commissioned by, German and Swiss suppliers and is compliant with both Uzbek and EU regulations and standards. Evaluation of the Project and the client's capability to implement the works in compliance with the Bank's Performance Requirements did identify a number of areas that required their inclusion in the ESAP. These issues include full implementation of the environmental and OHS management systems; implementation of procedures to evaluate supply chain E&S risks; implementation of a contractor management plan; upgrade the employee grievance mechanism to meet the requirements of PR2; and implement a Stakeholder Engagement Plan in line with PR10.
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