Project detail - OREON EPI LIMITED

OREON EPI LIMITED

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Who is our client

Through Oreon EPI Limited we will invest in Emzor Pharmaceuticals. Emzor is the leading Nigerian producer of owned and generic brands of pharmaceutical products.

Funding objective

The proposed investment will help finance Emzor’s development of a state-of-the-art manufacturing complex to expand its operations.

Why we fund this project

FMO’s growth financing will unlock the growth potential of the company. Beyond employment and tax revenue generation, local production will make essential medicines more accessible to the general population. It will also help to decrease the import bill of the currently severely cash strapped Nigerian government. The proposed investment contributes to SDGs 1 (No Poverty), 3 (Good Health and Well-Being), 8 (Decent Work and Economic Growth), and 9 (Industrial Innovation and Infrastructure).

Environmental and social rationale

Categorized B+. FMO’s environmental and social due diligence indicates that the investment will have impacts which must be managed in a manner consistent with the following Performance Standards: - PS 1: Assessment and Management of Environmental and Social Risks and Impacts; - PS 2: Labor and working conditions; - PS 3: Resource Efficiency and Pollution Prevention - PS 4: Community Health, Safety and Security; and PS 5. Land Acquisition and Involuntary Resettlement, alongside the EHS Guidelines as well as the Industry Sector Guidelines on Pharmaceuticals and Biotechnology Manufacturing. With ISO 9001 certification in place, the company is currently in the process of receiving WHO pharmaceutical industry manufacturing certifications. PS 6 (Biodiversity Conservation and Sustainable Management of Living Natural Resources), PS 7 (Indigenous Peoples) and PS 8 (Cultural Heritage) are not triggered as a result of this investment.

Region
Africa
Country
Nigeria
Sector
Infrastructure, Manufacturing and Services
Signing date
3/29/2018
Total FMO financing
USD 8.08 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
B+