The International Finance Corporation (IFC) is investing $30 million in the pharmaceutical company Laboratorios Siegfried to help provide lower-income populations across the Latin America and the Caribbean (LAC) regions with better access to high-quality and affordable healthcare products.
The investment falls under IFC’s Global Health Platform (GHP) and will support Siegfried’s expansion plans to boost production and increase access to Covid-19-related products, catering to the growing demand in the region.
The project is being implemented in Colombia, Panama, Ecuador, and Peru, countries that are facing shortages in Covid-related medical supplies. GHP is a $4 billion IFC programme which has been designed to mobilise private investment to close the health care supply gaps in developing countries caused by Covid-19.
LAC is among the hardest-hit regions by Covid-19, pushing approximately 45 million people into poverty according to a study by the United Nations Economic Commission. Countries in the LAC region have been affected with shortages, delays, and disruptions in pharmaceutical supply chains.
Paulo Etcheverry, CEO of Siegfried Colombia, said: “Against this backdrop, IFC’s long-term loan will support our growth plans, sending positive signals to the market and helping us expand outside of Colombia. In addition, IFC’s health care expertise in emerging markets and its global network will help the company build capacity and explore partnerships in new markets.”
Alfonso García Mora, IFC’s VP for Europe, Latin America and the Caribbean, declared: “One of IFC’s strategic priorities in the LAC region is to improve competitiveness by supporting improved productivity in firms and value chains, among others. In alignment, IFC’s investment will help a regional player scale the production and delivery of health care supplies to address the impacts of Covid-19 in Colombia and Central America, creating new jobs and strengthening health services in the region.”