Bogota, Colombia, August 2nd, 2022—Lower-income populations across the Latin America and the Caribbean (LAC) region will have increased access to high-quality and affordable health care products, with IFC investing $30 million in Laboratorios Siegfried, subsidiary of Grupo Roemmers, a long standing IFC client and one of the largest pharmaceutical companies in Latin America with footprint across Mexico, Central and South America. This will help address the challenges of the COVID-19 pandemic, supporting greater market resilience in the region.
Under its Global Health Platform (GHP), IFC's financing package will support Siegfried's expansion plans to boost production and increase access to COVID-19-related products, catering to the growing demand in the region. Besides Colombia, the project will be implemented in other countries, including Panama, Ecuador, and Peru, that are facing shortages in COVID-related medical supplies. GHP is a $4 billion IFC program, which helps mobilize private investment to close the health care supply gaps in developing countries caused by COVID-19.
LAC is among the hardest-hit regions by COVID-19, pushing approximately 45 million people into poverty according to a study by the United Nations Economic Commission. Countries in the LAC region have also been particularly affected with shortages, delays, and disruptions in pharmaceutical supply chains. With this investment, IFC continues accompanying the Roemmers Group in its regional expansion and continues promoting increased quality and affordability of the medicine supply in the region.
LAC is among the hardest-hit regions by COVID-19, pushing approximately 45 million people into poverty according to a study by the United Nations Economic Commission. Countries in the LAC region have also been particularly affected with shortages, delays, and disruptions in pharmaceutical supply chains. With this investment, IFC continues accompanying the Roemmers Group in its regional expansion and continues promoting increased quality and affordability of the medicine supply in the region.
Paulo Etcheverry, CEO of Siegfried Colombia, said: "Against this backdrop, IFC's long-term loan will support our growth plans, sending positive signals to the market and helping us expand outside of Colombia. In addition, IFC's health care expertise in emerging markets and its global network will help the company build capacity and explore partnerships in new markets."
IFC will also help Siegfried become the first pharmaceutical company with the Economic Dividends for Gender Equality (Gender EDGE) Certification in Colombia. Siegfried will become the first pharmaceutical/healthcare company based in emerging markets to be EDGE gender certified. Through this engagement, IFC expects to attract other LAC companies to address and close gender gaps.
Alfonso García Mora, IFC'sVP for Europe, Latin America and the Caribbean, declared: "One of IFC's strategic priorities in the LAC region is to improve competitiveness by supporting improved productivity in firms and value chains, among others. In alignment, IFC's investment will help a regional player scale the production and delivery of health care supplies to address the impacts of COVID-19 in Colombia and Central America, creating new jobs and strengthening health services in the region."
The current funding is IFC's third investment with a subsidiary of Roemmers. In 2018, IFC committed $104 million ($31 million for IFC's own account), including mobilization through parallel lenders, to finance the expansion of Roemmers in Brazil, and in 2019, IFC committed $160 million ($75 million for IFC's own account), including mobilization through parallel lenders, to finance Roemmers' Mexican subsidiaries.
Alfonso García Mora, IFC'sVP for Europe, Latin America and the Caribbean, declared: "One of IFC's strategic priorities in the LAC region is to improve competitiveness by supporting improved productivity in firms and value chains, among others. In alignment, IFC's investment will help a regional player scale the production and delivery of health care supplies to address the impacts of COVID-19 in Colombia and Central America, creating new jobs and strengthening health services in the region."
The current funding is IFC's third investment with a subsidiary of Roemmers. In 2018, IFC committed $104 million ($31 million for IFC's own account), including mobilization through parallel lenders, to finance the expansion of Roemmers in Brazil, and in 2019, IFC committed $160 million ($75 million for IFC's own account), including mobilization through parallel lenders, to finance Roemmers' Mexican subsidiaries.
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 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
Stay Connected
www.ifc.org/lac
www.twitter.com/IFC_LAC
www.linkedin.com/company/ifc-américa-latina-y-el-caribe
www.facebook.com/IFCwbg
www.instagram.com/ifc_org/
www.youtube.com/IFCvideocasts
www.twitter.com/IFC_org
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 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
Stay Connected
www.ifc.org/lac
www.twitter.com/IFC_LAC
www.linkedin.com/company/ifc-américa-latina-y-el-caribe
www.facebook.com/IFCwbg
www.instagram.com/ifc_org/
www.youtube.com/IFCvideocasts
www.twitter.com/IFC_org
Contacts
Stay Informed
Sign up to have customizable news & updates sent to you.