Genomma Lab (IIC-12121-01)

Regions
  • Latin America and Caribbean
Where the impacts of the investment may be experienced.
Countries
  • Mexico
Where the impacts of the investment may be experienced.
Specific Location
Toluca
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • IDB Invest
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Feb 20, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Genomma Lab Internacional, S.A.B. de C.V. ("Genomma Lab")
The holder of the loan, grant, or other investment.
Sectors
  • Education and Health
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 64.42 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported MX$1.2 billion
Converted using 2018-01-31 exchange rate.
Loan Amount (USD)
$ 64.42 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 64.42 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Other Related Projects
Primary Source

Original disclosure @ IIC website

Updated in EWS Sep 20, 2018

Disclosed by Bank Jan 15, 2018


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Project Description

According to the Inter-American Development Bank Invest, formerly the Inter-American Investment Corporation, this project with Genomma Lab has two components:

(i) an Uncommitted Revolving Line of Credit for MX$200 million, or its equivalent in US$ to purchase accounts payables issued by Genomma Lab or one of its eligible subsidiaries. The fund will have an initial tenor of 12 months, renewable on a yearly basis at IDB Invest's discretion for up to 6 additional years

(ii) a long-term loan for up to MX$1.0 billion to finance the construction, equipment and operation of its new manufacturing plant in Toluca, Estado de Mexico.

Investment Description
  • IDB Invest

(i) an Uncommitted Revolving Line of Credit for MX$200 million, or its equivalent in US$ (“Facility”) to purchase accounts payables issued by Genomma Lab or one of its eligible subsidiaries. The Facility will have an initial tenor of 12 months, renewable on a yearly basis at IDB Invest’s discretion for up to 6 additional years

(ii) a long-term loan for up to MX$1.0 billion to finance the construction, equipment and operation of its new manufacturing plant in Toluca, Estado de México.

Private Actors

According to the Inter-American Investment Corporation, Genomma Lab is a Mexican-based company operating across Latin America and the Caribbean.  They specialize in the packaging and distribution of over the counter drugs (OTC) and pharmaceuticals. They’ve been listed on the Mexican stock exchange since 2008, and on the exchange’s Sustainability Index since 2011. They currently distribute products across 19 countries, and with the proposed construction of their first production plant, aim to be a regional leader in OTC products competing with a range of name-brand multinational companies.  As of December 15, 2017, the company employed 832 people across the region, 502 of which are in Mexico.  Roughly 35% of employees are female and 65% are male. 

Contact Information

Project Contact: Antonio Zamora
Chief Financial Officer
Phone number:+52 55 5081 0082
email address:antonio.zamora@genommalab.com 

ACCOUNTABILITY MECHANISM OF IIC

The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).