UCL Pharma (IFC-39904)

Countries
  • Kenya
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
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
May 10, 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
UNIVERSAL CORPORATION LTD
The holder of the loan, grant, or other investment.
Sectors
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 25, 2019

Disclosed by Bank Mar 29, 2018


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Project Description

Universal Corporation Limited (‘UCL’ or the ‘Company’ - http://ucl.co.ke/) was established in 1996, starting with a small manufacturing unit in Nairobi’s Industrial Area. The business experienced significant growth and thus, set up a state of the art manufacturing plant about 40km outside Nairobi, in Kikuyu Town. UCL is Sub-Sahara Africa’s (ex-South Africa) largest and one of the two World Health Organization (WHO) pre-qualified pharmaceutical manufacturers. The company’s manufacturing facility and production layout meets the basic GMP requirements with systems and procedures developed as per WHO GMP requirements. UCL manufactures over 100 formulations including tablets, capsules, syrups & suspensions, ointments & creams which it supplies to mostly fragile and conflict affected states (FCS) and low-income IDA countries (LIIDA) in Southern and East Africa.

The project involves a senior loan of up to US$10 million in UCL, to help finance the upgrade and development plans of their manufacturing plant.  

Investment Description
  • International Finance Corporation (IFC)
Private Actors
  • Universal Corporation Limited -- Parent Company

Universal Corporation Limited (‘UCL’ or the ‘Company’ - http://ucl.co.ke/) was established in 1996, starting with a small manufacturing unit in Nairobi’s Industrial Area. The business experienced significant growth and thus, set up a state of the art manufacturing plant about 40km outside Nairobi, in Kikuyu Town. UCL is Sub-Sahara Africa’s (ex-South Africa) largest and one of the two World Health Organization (WHO) pre-qualified pharmaceutical manufacturers. The company’s manufacturing facility and production layout meets the basic GMP requirements with systems and procedures developed as per WHO GMP requirements. UCL manufactures over 100 formulations including tablets, capsules, syrups & suspensions, ointments & creams which it supplies to mostly fragile and conflict affected states (FCS) and low-income IDA countries (LIIDA) in Southern and East Africa.

Contact Information

Contact Person: Perviz Rajnikant Dhanani

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/