SANFER Col (IFC-43417)

Countries
  • Colombia
Geographic location 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
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."
Borrower
LABORATORIOS BUSSIE S A
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 11.50 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 Sep 30, 2020

Disclosed by Bank Sep 25, 2020

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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.

Founded in 1941, Laboratorios Sanfer (“Sanfer”) is the second largest domestic pharmaceutical company in Mexico and amongst the top 8 largest in Latin America. Laboratorios Bussie, S.A. (“Bussie”) and Laboratorio International de Colombia, S.A.S. (“Labinco”) are fully owned subsidiaries of Sanfer and were acquired in 2008 and 2015, respectively. Bussie and Labinco (hereafter referred to as “Sanfer Colombia”) commercialize a wide portfolio of prescription and over-the-counter (OTC) drugs (e.g. pulmonology, ophthalmology, gastrointestinal, cardiovascular, psychoactive, antiparasitic, antibiotics, and veterinary drugs). With exception of veterinary drugs which are produced by three third-party contract manufacturers, the majority of drugs are produced in Bussie’s and Labinco’s manufacturing plants located in Bogota, Colombia. IFC propose financing a $11.5 million for the construction of a new manufacturing plant for finished dosage forms, which will replace the existing operations, to satisfy the new and more stringent regulatory requirements from the National Institute for Drugs and Food Surveillance (INVIMA). The new plant will be located in an industrial area in the city of Bogota, a few blocks from the existing plants https://goo.gl/maps/jDJQN6VqzQBxejQ49. Administrative offices and the quality control laboratory will remain in separate existing locations.

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

The "Investment Type" was not available at the moment of the snapshot.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - LABORATORIOS BUSSIE S A Client -

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.

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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

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