The European Bank for Reconstruction and Development (EBRD) has announced that it will be furnishing a loan, for as much as €3 million to Ukrainian medicinal manufacturer, Pharma Start LLC., a member of the Swiss pharmaceutical Group Acino.
This financing is to be utilized for Pharma Start’s working capital requirements, and for purchasing equipment and implementing energy efficiency measures.
The loan has been granted under the EBRD’s Direct Financing Framework, which is designed to afford small to medium-sized businesses in EBRD countries an easier and more streamlined way to access funding that has longer maturities.
The project is set to benefit from a €110,000 grant incentive, provided to them through EBRD’s Finance and Technology Transfer Center for Climate Change (FINTECC) program. The program was designed to aid the transfer of technology in climate change mitigation and adaptation, and was launched in the Ukraine during February of 2016.
The grant funding has been given with a view to enable Pharma Start to implement a wide range of measures promoting energy efficiency. These will include such functions as heat pumps, energy management, and heat recovery systems, as well as uninterruptible power supplies, and thermal renovation of Pharma Start facilities.
Pharma Start is owned by the Acino Group of Switzerland, a collection of companies who specialize in the manufacturing and development of innovative medicinal products and high-technology generics. Acino are readily available in more than eighty countries worldwide and have been for over 170 years.
Pharma Start are active participants developing and producing high-quality generics. Their medicinal products portfolio includes drugs used for psychiatry, neurology, general practice, and cardiology. Pharma Start acts as a regional headquarters for Acino’s CIS businesses. It’s home to almost six hundred professionals from across the Ukraine, all of whom are involved in marketing activities and work for the manufacturing plant, which has been certified in accordance with the standards for Good Manufacturing Practice (GMP). Some also work for their Kiev research and development unit.
The EBRD is the Ukraine’s biggest international financial investor. The Bank has invested close to €12 billion to date, across 369 projects, since it opened for business in 1993.
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