Genomma Lab II (IFC-43815)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Argentina
  • Brazil
  • Chile
  • Colombia
  • Ecuador
  • Mexico
  • Peru
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
Active
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
Nov 8, 2021
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
GENOMMA LAB INTERNACIONAL, S.A.B. DE C.V.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
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)
$ 60.00 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)
$ 60.00 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 18, 2022

Disclosed by Bank Feb 9, 2022

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Contact the EWS Team

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 1996, Genomma Lab Internacional S.A.B. de C.V. (Genomma or the “Company” - http://www.genommalab.com/) is a Mexico based, pharmaceutical company listed in the Mexican Stock Exchange with presence in 18 countries across Latin America. Genomma’s business model is centered on the product development, distribution, marketing, and sales of over-the-counter (OTC) or nonprescription medicines and personal care (PC) products manufactured by contract manufacturing organizations (CMOs) which are then distributed to pharmacy chains and supermarkets through third-party logistics (3PLs) providers. In 2018, IFC provided financing to Genomma to build its first OTC and PC manufacturing plant in Toluca, Mexico, which started operating in 2020 (https://disclosures.ifc.org/project-detail/ESRS/40144/genomma-lab).   Genomma has no manufacturing facilities in these countries and products are imported from Mexico or manufactured locally by CMOs under full-service modality (except in Argentina where Genomma is responsible for the storage and quality control of raw materials, packaging materials; quality control of finished product and weighting of raw materials). Similarly, Genomma does not own or operate distribution centers and transportation fleets in these countries and relies on 3PLs providers.The proposed IFC investment is a US$60 million multi-currency and multi-country working capital (“WC”) facility in the form of a corporate A-Loan for IFC’s own account to fund the Company’s expansion in Latin America driven by increased demand of paracetamol, hand sanitizers, alcohol gel and other COVID-19-related products.

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

The proposed IFC investment is a US$60 million multi-currency and multi-country working capital (“WC”) facility in the form of a corporate A-Loan for IFC’s own account to fund the Company’s expansion in Latin America.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Genomma Lab Internacional Undisclosed -

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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How it works