EBRD gives loan to Ukrainian Farmak

18:56, 12 September 2006
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Ukraine`s leading manufacturer of pharmaceutical products

The proposed project will facilitate further growth and expansion of one of the leading manufacturers of pharmaceutical products in Ukraine, Farmak. According to the project summary, it envisages upgrades of the existing and creation of new manufacturing facilities in conformity with GMP standards.

      The participation of the Bank in this Project is consistent with the increased financial support of dynamic local companies, improving standards of financial management and corporate governance.

      This is the first Bank’s project in the Ukraine’s pharmaceutical industry. It will promote introduction of new efficient technologies including an innovative bio-technology as well as GMP standards, staff training and export in the industry.

      The proposed transaction may lead to greater competition in the pharmaceutical sector by strengthening the role of a local, low cost manufacturer in the production of new higher quality products, some of which are currently imported.

      Open JSC Farmak is one of the leading manufacturers of pharmaceutical products in Ukraine.

      The EBRD finance is a corporate loan of EUR 32 million, part of which will be syndicated to commercial banks. Total project cost is EUR 86 million.

      The project was screened B/1. Environmental issues associated with the proposed modernisation programme were identified, assessed and mitigated.

Independent environmental due diligence of Farmak’s existing facilities and operations and of the proposed investment programme confirmed that the Company is currently in compliance with all relevant Ukrainian legislation and has successfully implemented the international environmental management system, ISO 14001.

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