Istanbul, August 21, 2017—IFC,
a member of the World Bank Group, is providing a $25 million loan to Nobel
Ilac, a leading pharmaceutical company in Turkey and the country’s only
net exporter in the sector, to help meet the growing demand for innovative,
affordable, and high-quality medicine in Turkey.
IFC’s loan will support Nobel Ilac’s
research and development efforts and help the company ramp up production.
Turkey is largely dominated by branded generic products. IFC’s support
will also allow Nobel Ilac to expand its product portfolio to include specialized
generic medicine. This will enable millions of the company’s customers
in Eastern and Central Europe to obtain affordable and high-quality medicine.
Nobel Ilac Chairman Hasan Ulusoy said:
“Biotechnological drugs provide opportunities for sustainable health care
systems. In our country, it is urgent to shift to production of biotechnological
drugs in parallel with the developments in the world. Nobel İlaç considers
biotechnology as a strategic priority and with the support of IFC’s investment
we aim to develop at least one domestic biotechnological drug by 2023.”
Dimitris Tsitsiragos, IFC Vice President
of New Business, said: “Our investment in Nobel Ilac is in line with our
strategy in Turkey to support the export-oriented growth and international
expansion of Turkish companies. Nobel will introduce locally produced,
high-value-added medicines to local and international markets and, at the
same time, help to close the pharmaceutical trade deficit in Turkey.”
IFC’s support is part of a $48 million
investment plan developed by Nobel Ilac. The program will also be be financed
by Is Leasing and the company’s own funds. The Scientific and Technological
Research Council of Turkey (TUBITAK) is also supporting the investment
program with grants and technical assistance.
IFC has been making significant investments
in Turkey’s healthcare system. It has supported a series of landmark public-private
partnerships and made investments in private companies. Turkey is currently
the second-largest country in IFC’s global portfolio with $5 billion in
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,
we use our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In FY17, we delivered a record $19.3
billion in long-term financing for developing countries, leveraging the
power of the private sector to help end poverty and boost shared prosperity.
For more information, visit www.ifc.org