The International Finance Corporation (IFC), the private sector arm of the World Bank, is making a $45 million equity investment in Jordan’s MS Pharma.
“We believe that supporting leading companies such as MS Pharma will not only improve access to high quality affordable medicines in a region that is underserved, but will also provide much-needed skilled jobs,” Lukas Casey, the IFC’s regional manager for manufacturing and services in MENA, said in a statement.
The IFC said the investment would be used to support MS Pharma’s expansion into new markets and promote access to affordable generic pharmaceuticals and healthcare products across the Middle East, Turkey and Africa region.
“We are committed to providing better healthcare solutions for people in the region and beyond,” said MS Pharma Chairman Ghaith Sukhtian. “IFC’s financing will help us grow further, develop new products and technologies, and reach more patients.”
With headquarters in Jordan, MS Pharma has additional facilities in Turkey and Algeria; employs around 2,000 workers; has a presence in 12 countries; and exports to over 20 countries in the Middle East, Africa, and Europe.
The company specializes in manufacturing branded-generic medicines in oral, liquid, semi-solid, and injectable forms. Their medication is used for chronic diseases such as cardiovascular, central nervous system, and respiratory diseases.
Last year, the company also received a $50 million investment from the European Bank for Reconstruction and Development’s (EBRD). This was used to support developments into new pharmaceutical products, a diversified revenue stream, and an expansion into countries within the region. Jordan became a member of EBRD in 2012, with the bank having committed $685 million to 29 projects within the Kingdom.