Countries which have successfully developed and reduced poverty over the past century have done so largely by developing their manufacturing, agribusiness, and services sectors. IFC has supported the investment projects of Western European sponsors in emerging markets across these important sectors.
IFC provided a $34 million local-currency corporate loan to Recordati İlaç, a fully-owned Turkish subsidiary of Italy’s Recordati S.p.A, to help finance the construction of its new pharmaceutical production facility in the Istanbul region. This will increase the availability of quality pharmaceuticals produced locally and support the transfer of industry best practices.
IFC invested €15 million equity in Dafiti and €10 million in Lamoda, online retailing ventures supported by Germany's Rocket Internet, to facilitate Dafiti’s expansion in Latin America and Lamoda’s in Kazakhstan and Russia. The investment will generate employment in the logistics, warehousing, Information Technology, and marketing sectors, create a replicable business model in emerging markets, and provide consumers in secondary cities with competitively priced goods.
IFC gave a $10.5 million senior loan to Essilor, a manufacturer and distributor of prescription lenses headquartered in France, to set up a factory for optical lenses in Laos. This will facilitate the transfer of high-end technology and manufacturing processes, including the latest energy efficiency standards, develop specialized local technicians through vocational training, and create employment.
IFC provided a $10 million senior loan to Malawi Mangoes, a producer and exporter of mangoes, bananas, and fresh fruits, to support the expansion of its production and processing capacity for export to Africa, the Middle East, and Europe. The Dutch development bank, FMO, also invested $5 million. The overall $15 million financing package will increase the incomes of small farmers and transfer modern farming practices and natural resource management techniques, with a particular focus on water efficiency.