In Egypt, the International Finance Corporation (IFC) has entered into an agreement with the Egyptian pharmaceutical company Rameda to finance green solutions in its Cairo-based manufacturing facilities. This partnership will enable Rameda to improve its production efficiency and reduce its carbon footprint.
Operating in Egypt since 1968 with three facilities in the capital Cairo, the pharmaceutical company Rameda wants to improve the efficiency of its production and limit its environmental impact. In this process, the company, which produces a wide range of generic drugs, dietary supplements and veterinary products, has signed an agreement with the International Finance Corporation (IFC) to finance green solutions that will enable it to reduce its water and energy use.
“This is an important step in achieving greater efficiency and continuing to provide cost-effective medicines while remaining profitable. In addition to improving the physical and mental health of our customers, we want to do our part to ensure a healthy planet,” says Amr Morsy, Rameda’s CEO. Although the amount of this support and the solutions to be developed have not been revealed, the agreement between the two partners hints at climate ambitions.
COP 27 in sight…
While the IFC has subscribed $100 million to the first private sector green bond issued by Commercial International Bank (CIB) in Egypt, the support to Rameda is in line with its climate resilience strategy implemented in Egypt, Morocco and Tunisia to make the pharmaceutical sector more efficient in North Africa. “The upcoming Conference of the Parties on Climate Change (COP27) in Egypt will be an opportunity for the country’s companies, including Rameda, to showcase the private sector’s contribution to climate change mitigation,” says Yasmine El-Hini, IFC’s Country Manager in Egypt.
This view is shared by Egypt’s Minister of International Cooperation, Rania A. Al-Mashat, who emphasised the importance of the private sector’s contribution to climate change mitigation. Al-Mashat, who stressed that this green transformation requires cooperation between government entities, development banks and private companies in order to give a new impetus to the climate action that is now a global priority.