Hikma Pharmaceuticals And IFC Collaborate On $250 Million Deal To Improve Healthcare Access In MENA Region

In a move to boost healthcare accessibility across the Middle East and North Africa (MENA), Hikma Pharmaceuticals PLC, a pharmaceutical firm, has joined hands with the International Finance Corporation (IFC), part of the World Bank Group.

They have agreed on a $250 million financing deal over six years aimed at enhancing the availability of medicines.

This initiative is set to strengthen local drug manufacturing capacities within the MENA region, addressing a critical need for better healthcare infrastructure.

This new financial agreement is a continuation of IFC's foundational role in Hikma's recent $500 million bond issuance, which saw IFC invest $50 million.

It signifies a new chapter in the four-decade-long relationship between the two entities, underscoring IFC's dedication to Hikma's goal of making quality, affordable medications accessible in pivotal MENA markets.

Through this partnership, IFC has consistently provided Hikma with financial and advisory support tailored to its expansion goals and operational fortification needs.

Mazen Darwazah, Executive Vice Chairman and President of MENA at Hikma, highlighted the significance of the partnership with IFC, emphasizing its role in facilitating the company's market expansion and addressing healthcare demands in the region.

"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," he said.

Darwazah also pointed out the alignment in corporate governance and sustainability values shared between Hikma and IFC, which transcends mere financial transactions.

Hikma's operational footprint spans over 50 countries across the MENA, North America, and Europe, with revenues surpassing $3 billion in 2024.

The company's growth trajectory is attributed to its investment in local production capabilities and a series of strategic alliances and acquisitions with multinational entities.

Since its listing on the London Stock Exchange in 2005, Hikma has been acknowledged for its sustainability efforts, featuring in the FTSE4Good Index for ten straight years.

In 2012, IFC awarded Hikma its Client Leadership Award, recognizing the company's achievements in sustainability and corporate governance.

Khawaja Aftab Ahmed, IFC's Regional Director for the Middle East, Pakistan, and Afghanistan, reflected on the enduring alliance between IFC and Hikma, stating, "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 40th anniversary of this impactful partnership was celebrated at Hikma's headquarters in Amman on July 14.

The event saw the attendance of senior leaders and partners, all gathered to commemorate their shared dedication to fostering stronger, more resilient health systems in the MENA region and beyond.

This milestone underlines the commitment of both Hikma and IFC to healthcare improvement in the region, paving the way for enhanced access to essential medicines and supporting the development of local healthcare infrastructure.