Amman, Jordan, May 14, 2017—IFC,
a member of the World Bank Group, is investing $45 million in MS Pharma,
a leading Jordanian-based pharmaceutical company, to support its expansion
to new markets and promote access to affordable generic pharmaceuticals
and healthcare products across the Middle East, Turkey, and Africa.
MS Pharma is a leading regional manufacturer
of branded generics in oral, topical, and injectable forms with manufacturing
sites in Algeria, Jordan, and Turkey. The company exports to over 20 countries
across the Middle East, Africa and Europe. It specializes in medication
for chronic conditions such as cardiovascular, central nervous system,
and respiratory diseases, which are experiencing high growth rates across
“We are delighted to welcome IFC as
a partner in MS Pharma,” said Ghiath Sukhtian, chairman of MS Pharma.
“We are committed to providing better healthcare solutions for people
in the region and beyond, and IFC’s financing will help us grow further,
develop new products and technologies, and reach more patients.”
IFC's financing is designed to demonstrate
how investments from within MENA can stimulate economic growth and increase
the transfer of knowledge and technology across borders. The pharmaceutical
industry is one of the largest industries in Jordan with a high level of
knowledge and standards, and the project will help create hundreds of jobs
for skilled workers.
“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,” said Lukas Casey, IFC’s regional manager for
manufacturing and services in Europe, Middle East and North Africa.
The investment fits within IFC’s broader
strategy of improving the supply of high-quality medical products in developing
countries by helping manufacturers and distributors grow and enter new
markets. MS Pharma, which has around 2,000 employees, plans to add about
850 jobs in the next three years. It also supports a large number of indirect
jobs through its manufacturing supply chain.
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.
About MS Pharma
MS Pharma is a leading pharmaceutical
and healthcare solutions provider and partner of choice in the Middle East,
North Africa, and Turkey. The company has some 2,000 employees, a presence
in 12 countries and exports to over 20 countries across the Middle East,
Africa and Europe. The company has the capability to manufacture branded
generics in oral, topical, and injectable form. The company is headquartered
in Jordan and has manufacturing facilities in Algeria, Jordan, and Turkey.