IFC’s Support to Help Nobel İlaç Sustain Operations, Protect Jobs during Pandemic

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 Photo: Nobel İlaç​ Biotechnology Labs

Istanbul, Turkey, June 28, 2021—An investment by IFC will support Nobel İlaç, a leading pharmaceutical company in Turkey, allowing it to sustain operations and continue the uninterrupted supply of its products to about 50 countries while preserving jobs amid the COVID-19 pandemic. 

IFC provided a €10 million loan to Nobel İlaç, an IFC client since 2017, to help address its urgent working capital needs, triggered by prolonged supply shocks given the ongoing crisis. Nobel İlaç markets its pharmaceutical products predominantly in IFC's Europe and Central Asia Region, including Bulgaria, Kazakhstan, and Uzbekistan. 

The IFC investment will afford patients and other consumers in the region continued access to generic drugs at competitive prices. Further, Nobel İlaç has accelerated its efforts to become one of the suppliers of COVID-19 treatment medication to the Turkish Government. 

"COVID-19 has shown us all the strategic importance of having access to reliable, high-quality biopharmaceutical products. Nobel continues to be committed to extending its portfolio in advanced technologies, including vaccines and biotechnological drugs, to improve the quality of human life in nearly 50 countries where we sell our products. In this effort, we are pleased to announce that IFC will continue to support our investment program with a new credit facility" said Nobel İlaç General Manager Hakan Şahin. 

The loan to Nobel İlaç is funded through IFC's $2 billion Real Sector Crisis Response Facility, a part of IFC's broader $8 billion COVID-19 Fast-Track Financing Facility to support private companies and their employees hurt by the economic downturn caused by the spread of COVID-19. 

"IFC's investment will allow Nobel İlaç to focus on its commitment to continue providing pharmaceutical products to patients across countries," said Arnaud Dupoizat, IFC's Country Manager for Turkey. He added, "We are confident that this financing package will contribute to a competitive pharmaceutical market in Turkey, creating jobs, and accelerating economic growth post-pandemic."

IFC has supported private sector development in Turkey for over 50 years, with a committed exposure of over $4.4 billion in the country as of May 2021.

About IFC

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org

About Nobel

A global player with more than half a century of experience, Nobel İlaç Sanayii ve Ticaret A.Ş. (Nobel İlaç), was founded in 1964 with 100% local capital. As a generic pharmaceutical producer, Nobel İlaç offers a broad portfolio of products in primary care, specialty care and consumer healthcare. Nobel İlaç is part of the wider Nobel Group of companies with an organizational presence in more than 20 countries, including Kazakhstan and Uzbekistan. The company is a major exporter of pharmaceutical products representing its Turkish brand in a wide range of markets. Utilizing its new biotechnology facility, Nobel İlaç is the industrial partner of developing and manufacturing one of the domestic COVID-19 vaccines which are at Phase II of clinical trials as of June 2021. For more information, www.nobel.com.tr​

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