Mercy ANURIKA
IFC is partnering with Egyptian pharmaceutical producer, Rameda, to support the company’s strategy to green its operations and improve its production efficiencies to boost the company’s productivity. 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 and that it serves its patients in a manner that respects the environment, encourages social progress, and contributes to long-term economic sustainability,” 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 healthy planet earth. We view our latest partnership with IFC as another important milestone in the ongoing enhancement of our ESG framework, helping us to reduce our environmental footprint while achieving greater efficiencies, and ultimately enabling us to continue to provide cost-effective drugs while remaining profitable.”
“Our partnership with Rameda is part of IFC’s strategy to support Africa’s health sector and to help the continent’s businesses reduce their environmental footprint,” said Yasmine El-Hini, IFC Country Officer for Egypt and Acting Country Manager for Egypt and Libya. “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.”
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.
“Partnerships with the private sector that support sustainable solutions and a green transformation are much needed to accelerate progress towards development, and uphold the environmental, social, and governance principles,” said Rania A. Al-Mashat, Egypt’s Minister of International Cooperation. “The IFC-Rameda partnership is a key step toward greening Egypt’s economy. As we look ahead to COP27, we are moving from commitments toward action and implementation. This transition requires multi-stakeholder engagement, including cooperation between government entities, multilateral development banks, businesses, and the private sector. This multi-stakeholder approach to climate action is necessary for enhancing mitigation efforts across Egypt, thus contributing to the global agenda.”
Since 2016, IFC has invested and mobilized more than $1 billion for climate projects. This includes $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.
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