Siegfried-Col (IFC-42371)

Countries
  • Colombia
Geographic location where the impacts of the investment may be experienced.
Specific Location
UNINFORMED
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
  • 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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 3, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
LABORATORIOS SIEGFRIED S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • 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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 10, 2022

Disclosed by Bank Nov 8, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

 Siegfried Colombia (“Siegfried” or the “company”) is fully owned by Grupo Roemmers, Argentina's largest pharmaceutical company. In 2018 and 2019, IFC financed the expansion of two of Roemmers’ subsidiaries: Farmoquimica in Brazil (#39739) and Siegfried in Mexico (#42036) respectively. Founded in 2008, Siegfried is focused on the development, manufacturing, and commercialization of pharmaceutical, dermatological, and nutritional products, including dermo-cosmetics, analgesics, cardio-diabetics, neuropsychiatric and women’s health products, amongst others. The company owns two manufacturing facilities (one for cosmetics and one for pharmaceuticals) in the industrial area of El Ejido in Bogota, the capital city of Colombia. Siegfried manufactures nearly 90% of its products at these facilities, 9% are manufactured by six contract manufacturing organizations (CMOs) and the remainder are imported. The company sells its products in Colombia and export markets include Central America, Ecuador, Peru, and Bolivia. Siegfried’s finished dosage forms are temporarily stored in a distribution center operated by a reputable third-party logistics (3PL) company from where products are transported to clients. IFC is proposing a $20m loan to the company to partially finance capex and working capital expenses for the upgrade of equipment and commercialization of products, as well as debt reprofiling with commercial banks                                                  

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Laboratorios Siegfried S.A.S.
Mr. Hernán Collard
Chief Financial Officer
0571-2086262
hcollard@siegfried.com.co
CL 17 #42-09, Bogotá, Colombia
www.siegfried.com.co

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