Latest news with #IFC
Web Release
5 hours ago
- Business
- Web Release
Hikma, IFC sign $250mn deal, marking a 40-year partnership driving access to quality medicines in the MENA region
Hikma Pharmaceuticals PLC (Hikma), a multinational pharmaceutical company, and the International Finance Corporation (IFC), a member of the World Bank Group, have signed a $250 million six-year financing agreement focused on expanding access to medicines to support Hikma's operations across the Middle East and North Africa region (MENA), by strengthening local medicine production. This financing builds on IFC's anchor role in Hikma's $500 million, five-year bond issuance, which included a $50 million subscription from IFC. The latest investments mark another milestone in a 40-year partnership and reaffirm IFC's commitment to supporting Hikma's mission of providing high-quality, affordable medicines across key MENA markets. Over four decades, IFC has offered Hikma financing and advisory tailored to the company's growth trajectory and helping reinforce its operational resilience. In 2017, IFC extended a loan to facilitate Hikma's regional expansion and later, in 2020, provided a financing package that enabled the uninterrupted distribution of medicines across the MENA region during the COVID-19 pandemic. 'Our longstanding partnership with IFC has supported our expansion into new markets over the past four decades, most recently through the strategic $250 million loan and contribution to our $500 million bond issuance. This has allowed us to respond effectively to critical healthcare needs in the regional markets we serve.' said Mazen Darwazah, Hikma's Executive Vice Chairman and President of MENA. 'Our partnership transcends monetary transactions and reflects our long-term alignment and shared values on corporate governance and sustainability. Together, we have grown strategically while staying focused on what matters most; supporting our patients by addressing high unmet healthcare needs across the region.' Hikma operates in over 50 countries across MENA, North America, and Europe, reporting revenues of over $3 billion in 2024. The company's growth has been driven by investments in local manufacturing and a series of strategic acquisitions and partnerships with multinational companies aimed at expanding access to high-quality medicines. Hikma has been listed on the London Stock Exchange since 2005 and was recognised in the FTSE4Good Index for ten consecutive years for its sustainability performance. In 2012, IFC honoured Hikma with its Client Leadership Award in recognition of its achievements in sustainability and corporate governance. Khawaja Aftab Ahmed, IFC's Regional Director for the Middle East, Pakistan, and Afghanistan, added: 'IFC's 40-year partnership with Hikma continues to demonstrate what's possible when global development institutions and private sector leaders collaborate. Together, we've expanded access to high-quality medicines across emerging markets, enabling the company to grow into new territories and deliver critical medicine when it was needed most, including during the COVID-19 pandemic. Our recent engagements build on that strong foundation and open the door for even greater impact by supporting local medicine production and continued regional growth, despite ongoing conflict and uncertainty.' The 40-year anniversary of our partnership was celebrated at Hikma's Amman headquarters on 14 July, with senior leaders and partners in attendance to honour their shared commitment to building stronger, more resilient health systems across the MENA region and beyond.
ME Construction
8 hours ago
- Business
- ME Construction
AMEA Power commissions Egypt's first utility-scale BESS
Sustainability AMEA Power commissions Egypt's first utility-scale BESS By The company's first utility-scale storage project in North Africa is said to reinforce the company's capabilities in delivering large-scale, integrated renewable energy and storage solutions AMEA Power has announced the successful commissioning of Egypt's first utility-scale Battery Energy Storage System (BESS). This 300MWh facility, fully powered by solar PV energy, was delivered ahead of its scheduled commercial operation date (COD). The milestone follows the project's recent financial close, marking a significant step forward in AMEA Power's strategy to enhance energy security and grid stability in emerging markets. 'We are proud to bring this landmark battery storage project online, strengthening the resilience of Egypt's electricity grid while supporting the country's renewable energy ambitions,' said Hussain Al Nowais, Chairman of AMEA Power. 'This commissioning milestone reaffirms our long-term commitment to Egypt as a key partner in driving innovation and sustainability across Africa.' AMEA Power's first utility-scale storage project in North Africa is said to reinforce the company's capabilities in delivering large-scale, integrated renewable energy and storage solutions. The project's financing by the International Finance Corporation (IFC) underscores the strong partnerships in advancing energy projects in Africa. The battery storage facility is an extension of AMEA Power's operational 500MW Solar PV Plant in Aswan Governorate, Egypt, which was commissioned in December 2024. This integrated solar-plus-storage development aligns with Egypt's 2035 Integrated Sustainable Energy Strategy, and reflects AMEA Power's ongoing commitment to accelerating clean energy innovation and sustainability across the continent.
Zawya
a day ago
- Business
- Zawya
Hikma, IFC sign $250mln deal, marking a 40-year partnership driving access to quality medicines in the MENA region
Amman, Jordan - Hikma Pharmaceuticals PLC (Hikma), a multinational pharmaceutical company, and the International Finance Corporation (IFC), a member of the World Bank Group, have signed a $250 million six-year financing agreement focused on expanding access to medicines to support Hikma's operations across the Middle East and North Africa region (MENA), by strengthening local medicine production. This financing builds on IFC's anchor role in Hikma's $500 million, five-year bond issuance, which included a $50 million subscription from IFC. The latest investments mark another milestone in a 40-year partnership and reaffirm IFC's commitment to supporting Hikma's mission of providing high-quality, affordable medicines across key MENA markets. Over four decades, IFC has offered Hikma financing and advisory tailored to the company's growth trajectory and helping reinforce its operational resilience. In 2017, IFC extended a loan to facilitate Hikma's regional expansion and later, in 2020, provided a financing package that enabled the uninterrupted distribution of medicines across the MENA region during the COVID-19 pandemic. 'Our longstanding partnership with IFC has supported our expansion into new markets over the past four decades, most recently through the strategic $250 million loan and contribution to our $500 million bond issuance. This has allowed us to respond effectively to critical healthcare needs in the regional markets we serve.' said Mazen Darwazah, Hikma's Executive Vice Chairman and President of MENA. 'Our partnership transcends monetary transactions and reflects our long-term alignment and shared values on corporate governance and sustainability. Together, we have grown strategically while staying focused on what matters most; supporting our patients by addressing high unmet healthcare needs across the region.' Hikma operates in over 50 countries across MENA, North America, and Europe, reporting revenues of over $3 billion in 2024. The company's growth has been driven by investments in local manufacturing and a series of strategic acquisitions and partnerships with multinational companies aimed at expanding access to high-quality medicines. Hikma has been listed on the London Stock Exchange since 2005 and was recognised in the FTSE4Good Index for ten consecutive years for its sustainability performance. In 2012, IFC honoured Hikma with its Client Leadership Award in recognition of its achievements in sustainability and corporate governance. Khawaja Aftab Ahmed, IFC's Regional Director for the Middle East, Pakistan, and Afghanistan, added: 'IFC's 40-year partnership with Hikma continues to demonstrate what's possible when global development institutions and private sector leaders collaborate. Together, we've expanded access to high-quality medicines across emerging markets, enabling the company to grow into new territories and deliver critical medicine when it was needed most, including during the COVID-19 pandemic. Our recent engagements build on that strong foundation and open the door for even greater impact by supporting local medicine production and continued regional growth, despite ongoing conflict and uncertainty.' The 40-year anniversary of our partnership was celebrated at Hikma's Amman headquarters on 14 July, with senior leaders and partners in attendance to honour their shared commitment to building stronger, more resilient health systems across the MENA region and beyond. About Hikma Hikma Pharmaceuticals PLC (LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY) (LEI:549300BNS685UXH4JI75) (rated BBB/stable S&P and BBB/stable Fitch) Hikma helps put better health within reach every day for millions of people around the world. For more than 45 years, we've been creating high-quality medicines and making them accessible to the people who need them. Headquartered in the UK, we are a global company with a local presence across North America, the Middle East and North Africa (MENA) and Europe, and we use our unique insight and expertise to transform cutting-edge science into innovative solutions that transform people's lives. We're committed to our customers, and the people they care for, and by thinking creatively and acting practically, we provide them with a broad range of branded and non-branded generic medicines. Together, our 9,500 colleagues are helping to shape a healthier world that enriches all our communities. We are a leading licensing partner, and through our venture capital arm, are helping bring innovative health technologies to people around the world. About IFC IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet.
Cision Canada
2 days ago
- Business
- Cision Canada
Media Advisory - Intact Financial Corporation to announce 2025 second quarter results on July 29, 2025 and hold earnings conference call the following day Français
TORONTO, July 14, 2025 /CNW/ - Intact Financial Corporation (TSX: IFC) will release its 2025 second quarter results after the market closes on Tuesday, July 29, 2025. The company will hold its 2025 second quarter earnings conference call for analysts and investors on Wednesday, July 30, 2025 at 11:00 a.m. ET. Conference call participants will be: Charles Brindamour (Chief Executive Officer); Ken Anderson (Chief Financial Officer); Patrick Barbeau (Chief Operating Officer); Guillaume Lamy (Senior Vice President, Personal Lines) To join the live audio webcast and to view the presentation slides and supplementary financial information, visit and click on "Investors". The conference call is also available by dialing 416-945-7677 or 1-888-699-1199 (toll-free in North America). Please call 10 minutes before the start of the call. A replay of the call will be available on July 30, 2025 at 2:00 p.m. ET until 11:59 p.m. ET on August 6, 2025. To listen to the replay, call 289-819-1450 or 1-888-660-6345 (toll-free in North America), passcode 88467. A transcript of the call will also be made available on About Intact Financial Corporation Intact Financial Corporation (TSX: IFC) is the largest provider of Property and Casualty (P&C) insurance in Canada, a leading Specialty lines insurer with international expertise and a leader in Commercial lines in the UK and Ireland. The business has grown organically and through acquisitions to almost $24 billion of total annual operating direct premiums written (DPW). In Canada, Intact distributes insurance under the Intact Insurance brand through agencies and a wide network of brokers, including its wholly-owned subsidiary BrokerLink. Intact also distributes directly to consumers through the belairdirect brand and affinity partnerships. Additionally, Intact provides exclusive and tailored offerings to high-net-worth customers through Intact Prestige. In the US, Intact Insurance Specialty Solutions provides a range of Specialty insurance products and services through independent agencies, regional and national brokers, wholesalers and managing general agencies. Across the UK, Ireland, and Europe, Intact provides Personal, Commercial and/or Specialty insurance solutions through the RSA, NIG and FarmWeb brands. SOURCE Intact Financial Corporation
Zawya
2 days ago
- Business
- Zawya
Egypt, World Bank explore deeper cooperation, partnership opportunities
Egypt's Minister of Public Enterprises Sector, Mohamed El-Shimy, met with a high-level delegation from the World Bank Group at the ministry's headquarters in the New Administrative Capital. The delegation included Stéphane Guimbert, World Bank Country Director for Egypt, Yemen, and Djibouti; Cheikh Oumar Seydi, Regional Director for North Africa at the International Finance Corporation (IFC); and Saad Sabra, IFC Country Officer in Egypt. The discussions focused on opportunities to deepen cooperation and strengthen the partnership between the Ministry of Public Enterprises and the World Bank Group, particularly in the areas of institutional development and attracting investment into state-owned enterprises, aligning with Egypt's broader strategy for inclusive and sustainable development. At the outset, Minister El-Shimy outlined the ministry's comprehensive strategy for reforming its affiliated companies, aimed at enhancing performance and ensuring long-term sustainability. This strategy is guided by three key frameworks: Egypt's Vision 2030, the government's action programme, and the State Ownership Policy Document. He emphasised that the ministry's vision seeks to maximise returns on state investments and increase the contribution of affiliated companies to national GDP, while enhancing their competitiveness both domestically and internationally. This is being pursued by modernising management practices, improving operational performance, optimising asset utilisation, and adhering to quality, governance, and sustainability standards. Attracting and encouraging private sector investment—both local and foreign—remains a central pillar of the ministry's strategy, El-Shimy added. He highlighted the ministry's openness to cooperation and partnerships across a range of sectors, noting the availability of numerous promising investment opportunities in industrial and service activities under its supervision. Several successful partnership models with both local and international private sector players already exist, he noted. El-Shimy also pointed to efforts to strengthen governance, transparency, and disclosure within affiliated companies, alongside a commitment to environmental sustainability and moving towards a green economy. This is reflected in various projects that comply with international environmental standards. Effective asset management and maximising returns remain key objectives of the ministry's reform agenda, he stressed. Investing in human capital is another top priority, El-Shimy noted, with the ministry implementing specialised training programmes to enhance employee skills and efficiency. He also highlighted the rollout of Enterprise Resource Planning (ERP) systems across several affiliated companies as part of the drive for digital transformation and improved governance. For their part, the World Bank Group delegation praised the ministry's reform strategy, its engagement with the private sector, and its commitment to institutional development and sustainable growth. They reaffirmed the World Bank Group's readiness to support the ministry and its affiliated companies through technical expertise and investment cooperation. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
