Hikma Pharmaceuticals (Hikma), a multinational pharmaceutical company, and the International Finance Corporation (IFC), a member of the World Bank Group, have signed a $250 million six-year financing agreement focused on expanding access to medicines to support Hikma’s operations across the Middle East and North Africa region (MENA), by strengthening local medicine production.
This financing builds on IFC’s anchor role in Hikma’s $500 million, five-year bond issuance, which included a $50 million subscription from IFC.
The latest investments mark another milestone in a 40-year partnership and reaffirm IFC’s commitment to supporting Hikma’s mission of providing high-quality, affordable medicines across key MENA markets.
“Our longstanding partnership with IFC has supported our expansion into new markets over the past four decades, most recently through the strategic $250 million loan and contribution to our $500 million bond issuance. This has allowed us to respond effectively to critical healthcare needs in the regional markets we serve.” said Mazen Darwazah, Hikma’s Executive Vice Chairman and President of MENA. “Our partnership transcends monetary transactions and reflects our long-term alignment and shared values on corporate governance and sustainability. Together, we have grown strategically while staying focused on what matters most; supporting our patients by addressing high unmet healthcare needs across the region.”
Khawaja Aftab Ahmed, IFC’s Regional Director for the Middle East, Pakistan, and Afghanistan, added:
“IFC's 40-year partnership with Hikma continues to demonstrate what’s possible when global development institutions and private sector leaders collaborate. Together, we’ve expanded access to high-quality medicines across emerging markets, enabling the company to grow into new territories and deliver critical medicine when it was needed most, including during the Covid-19 pandemic. Our recent engagements build on that strong foundation and open the door for even greater impact by supporting local medicine production and continued regional growth, despite ongoing conflict and uncertainty.” -TradeArabia News Service
