Quito, Ecuador, June 16, 2016 — The
International Finance Corporation (IFC), a member of the World Bank Group,
has approved a US$30 million loan to Corporación Grupo Fybeca S.A (Corporación
GPF), to promote the development of Ecuador’s pharmaceutical sector and
also offer support to a company that has played an important role in the
country’s recovery efforts after suffering an earthquake two months ago.
Corporación GPF operates a large retail network
in Ecuador, with presence in hard-to-reach regions as well urban centers.
IFC’s financing will help the company, whose customers include low-income
clients that turn to the retailer for affordable and quality pharmaceutical
products, develop a state-of-the-art distribution center.
This facility will lead to lower logistic
costs and will improve its storage and transportation standards, which
are important for ensuring the quality of the medications.
The financing also serves to support a company
that has helped with Ecuador’s recovery efforts after the country suffered
on April 16 a devastating earthquake. After the earthquake, Corporacion
GPF and its leading brands (Fybeca and SanaSana) invested US$2.5 million
in additional inventory to supply critical products to deal with the emergency.
The company also continued supplying medicines, first-aid articles, water,
and food to the people in the affected areas. Additionally, all stores
throughout Ecuador served as collection centers to receive donations of
“The support of IFC is evidence of Corporación
GPF’s constant efforts to contribute to the economic development of Ecuador
by providing quality, domestically-manufactured products,” said Luis Enrique
Coloma, executive president of the organization. “This loan serves
to demonstrate the transparency, effective management, commitment, and
quality products of our company,” he said.
Martin Spicer, IFC Regional Head of Industry
for Manufacturing, Agribusiness, and Services in Latin America, underscored
the fact that “this long-term loan helps to support one of the largest
employers in Ecuador at a time when the country is recovering from the
“We are very pleased to be supporting a
company that has an excellent track record for delivering high-quality,
lower-cost health products including in underserved regions in Ecuador,”
IFC is the world’s largest multilateral
investor in private healthcare, managing an active portfolio of about $1.3
billion worth of health investments. IFC investments in service providers,
pharmaceuticals and medical technology are aimed at promoting greater access
to affordable, high-quality healthcare.
IFC’s strategy in Ecuador focuses on providing
financing and technical assistance to companies that have a strong and
positive impact on the country’s sustainable economic growth which at
the same time trying to support projects that cover climate change, create
jobs, and benefit the most disadvantaged population groups. IFC’s support
to Ecuador began when it became a member of the institution in 1956, and
since that time, it has invested some $685 million in the country.
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
IFC uses its capital, expertise, and influence to create opportunity where
it is needed most. In FY15, its long-term investments in developing countries
totaled close to US$18 billion, allowing the private sector to play a key
role in global efforts to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org.
About Corporación GPF:
Corporación Grupo Fybeca S.A. is Ecuador’s
leading pharmaceutical retailer with over 634 stores throughout the country.
Through the company’s large network in many regions of Ecuador, it provides
lower-income customers with access to affordable and quality pharmaceutical
and personal care products. The company also actively promotes the distribution
of quality generic medicines and private label personal care goods, aiding
to provide lower price alternative products and developing local supply
chains. For more information, visit www.corporaciongpf.com