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
Through the partnership, IFC will help Rameda adopt solutions that reduce its carbon, and water footprints, and improve efficiencies in materials and resource usage.
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.
Water and energy resources are scarce in Egypt. Reducing their use will help Rameda lower costs while protecting 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 deal aligns with IFC’s strategy to support Africa’s health sector and to help the continent’s businesses reduce their environmental footprint.
“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.
This is in addition to a green loan to Humania, a regional healthcare provider, to develop green hospital buildings in Egypt.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE
