EGYPT – The International Finance Corporation (IFC), a member of the World Bank Group, has partnered with Egyptian pharmaceutical producer, Rameda to support the company’s strategy to green its operations
As a growth-focused enterprise that produces a wide range of pharmaceuticals, supplements, and other products at its three facilities in Cairo, Rameda is committed to finding and promoting solutions that enable the company to minimize its impact on the environment.
“As Rameda grows in size, scale, and reach, so does our resolve in ensuring that the company’s business practices and growth trajectory are sustainable,” said Amr Morsy, Rameda’s Chief Executive Officer.
“Along with improving the physical and mental health of our customers, we want to do our part in ensuring a healthy planet earth.”
The partnership is also another important milestone in the ongoing enhancement of Rameda’s ESG framework, helping reduce environmental footprint while achieving greater efficiencies, and ultimately enabling the start-up to continue to provide cost-effective drugs while remaining profitable.
“The upcoming United Nations Climate Change Conference (COP 27) in Egypt offers an excellent opportunity for the country’s businesses, including Rameda, to showcase the private sector’s contribution to climate mitigation through resource efficiency,” said Yasmine El-Hini, IFC Country Officer for Egypt.
The partnership with Rameda is part of a larger IFC North Africa pharmaceutical project being implemented in Egypt, Morocco, and Tunisia that is designed to make the region’s pharmaceutical sector more resource-efficient.
Since 2016, IFC has invested and mobilized more than US$1 billion for climate projects. This includes US$100 million in financing for the first private-sector green bond issued by Commercial International Bank (CIB) in Egypt to fund climate-smart projects and reduce greenhouse gas emissions.