The International Finance Corporation (IFC) is partnering with Egypt-based 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, the IFC will help Rameda – which produces a range of pharmaceuticals, supplements and other products at its three facilities in Cairo – adopt solutions that reduce its carbon and water footprints and improve efficiencies in materials and resource consumption.
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.
The Rameda project is supported by the government of the Netherlands.
Reducing Rameda’s use of scarce water and energy resources in Egypt will help the company lower costs and better protect the environment.
Rameda CEO Dr Amr Morsy says that, as the company grows in size, scale and reach, so too does its resolve in ensuring the 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.
“Along with improving the physical and mental health of our customers, we want to do our part in ensuring a healthy planet Earth.
“We view our latest partnership with the IFC as another important milestone in the ongoing enhancement of our environment, social and governance [ESG] framework . . . enabling us to continue to provide cost-effective drugs while remaining profitable,” he says.
The partnership with Rameda is part of the IFC’s strategy to support Africa’s health sector and to help businesses on the continent reduce their environmental footprint, says IFC Egypt country officer and acting Egpyt and Libya country manager Yasmine El-Hini.
“The upcoming United Nations Climate Change Conference (COP27), 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,” she adds.
Egypt International Cooperation Minister Dr Rania Al-Mashat says partnerships with the private sector that support sustainable solutions and a green transformation are much needed to accelerate progress towards development and uphold ESG principles.
“As we look ahead to COP27, we are moving from commitments towards action and implementation. This transition requires multi-stakeholder engagement, including cooperation between government entities, multilateral development banks, businesses and the private sector,” she says.
Al-Mashat adds that this multi-stakeholder approach to climate action is necessary for enhancing mitigation efforts across Egypt, thus contributing to the global agenda.
Since 2016, the IFC has invested and mobilised more than $1-billion for climate projects, including $100-million in financing for the first private sector green bond issued by Commercial International Bank in Egypt to fund climate-smart projects and reduce greenhouse-gas emissions.
This is in addition to a green loan to regional healthcare provider Humania, to develop green hospital buildings in Egypt.