OREON EPI LIMITED
Status: Approved investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer?
Through Oreon EPI Limited we will invest in Emzor Pharmaceuticals. Emzor is the leading Nigerian producer of owned and generic brands of pharmaceutical products.
What is our funding objective?
The proposed investment will help finance Emzor’s development of a state-of-the-art manufacturing complex to expand its operations.
Why do we fund this investment?
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).
What is the Environmental and Social categorization 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
- Publication date
- 12/16/2017
- Effective date
- 3/29/2018
- Total FMO financing
- USD 8.08 MLN
- Funding
- FMO NV
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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+