EBRD supports MS Pharma with $30m loan

AMMAN — The European Bank for Reconstruction and Development (EBRD) announced Tuesday in a press statement that it is providing a $30 million loan to MS Pharma Ventures W.L.L. to finance the production of new generic pharmaceutical products.

"Locally manufactured medicines are scarce in Jordan and in the wider region of the Middle East and North Africa. The bank’s investment will contribute to the commercialisation of these products and improve access to the latest generation of pharmaceutical products in the region," the statement said.

It added: "The EBRD loan will help the company to upgrade and expand its manufacturing facilities, increase its capacity and produce specialised products for chronic illnesses such as cancer, or cardiovascular, central nervous system and respiratory diseases."

Heike Harmgart, EBRD head of office in Jordan, said: "Supporting MS Pharma, in line with the bank’s strategy to promote innovation, will contribute to the development of Jordan as a pharmaceutical manufacturing hub in the region and will help boost the production of vital medicines.”