México City, México, January 09, 2023. To increase access to high quality and affordable medicines in Latin America and the Caribbean Region ("LAC") and address the impact of the COVID-19 pandemic at a global scale, IFC is providing a US$60 million multi-currency long-term loan to Genomma Lab, a leading pharmaceutical company based in Mexico.
This is IFC's first multi-currency investment in the pharmaceutical industry anywhere in the world. The loan is expected to be disbursed in Chilean pesos, Colombian pesos, Peruvian soles, Mexican Pesos and U.S. dollars, to fund the company's working capital needs across Latin America. IFC's loan will help Genomma expand across LAC as well as increase the supply of affordable over-the-counter medicines and personal care products across the Region, and leveraging Genomma's state-of-the-art manufacturing complex.
Under its Global Health Platform (GHP), IFC's current investment is part of a systematic approach to the pharmaceutical sector in the region. A central pillar of the broader World Bank Group's response to COVID-19, GHP is a US$4 billion IFC program, which helps mobilize private investment to close the health care supply gaps in developing countries caused by the pandemic and to build resilient health systems.
Large segments of the population in Latin America and the Caribbean region do not have access to adequate health care insurance. An effective solution is Over-the-counter medicines (OTC), which represent an accessible source of health care globally. The OTC market is expected to increase more than 35% from 2020 to 2030. Though COVID-19 has further spurred the sector's growth, there are clear opportunities to expand access to OTC medicines
"Genomma is facing significant demand for our products, IFC's financing will further allow us to further expand our in-house production, reducing costs and increasing people's access to affordable medications across Latin America", said Antonio Zamora-Galland, Chief Financial Officer of Genomma Lab
"IFC's investment in a leading regional company will help strengthen the health systems by delivering quality and affordable over-the-counter medicines to lower-income populations across LAC, building future resilience", said Juan Gonzalo Flores, IFC's Country Manager for México.
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 2022, IFC committed a record $32.8 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.
About Genomma Lab Internacional Genomma Lab Internacional, S.A.B. de C.V. is one of the fastest growing pharmaceutical and personal care products companies in Latin America with an expanding international presence. Genomma Lab develops, sells and markets a broad range of Premium branded products, many of which are leaders in the categories in which they compete in terms of sales and market share. The Company has a sound business model through a unique combination of a new product development process, consumer oriented marketing, a broad retail distribution network and a low-cost, highly flexible supply chain operating model. For more information visit: www.genommalab.com Genomma Lab's shares are listed on the Mexican Stock Exchange under the ticker "LABB" (Bloomberg: LABB:MM).
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