Luminova (IFC-48629)

Countries
  • Guatemala
Geographic location where the impacts of the investment may be experienced.
Specific Location
Guatemala City
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
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
Luminova Pharma Alliance, Inc.
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)
$ 50.00 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 Sep 19, 2024

Disclosed by Bank Jul 15, 2024

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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.

According to the Bank’s website, the project consists of a financing to Luminova Pharma Company to support the execution of its strategic plan including: (i) international expansion; and (ii) increased capacity and new products launch.

The Project responds to the growing need for affordable and high-quality pharmaceuticals in LAC                                              

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a category B project according to IFC’s Policy on Environmental and Social Sustainability.

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

The proposed IFC investment is an up to US$50 million corporate C Loan for IFC’s own account to be committed in two phases of US$25 million each.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Luminova is one of the largest pharma companies based in Central America engaged in the development, manufacture, and commercialization of generic pharmaceuticals. With two manufacturing facilities in Guatemala and more than 950 employees, Luminova has capacity for solids, semisolids, liquids, and injectables in the main therapeutical units including acute care (antibiotics, self-care, nutrition, anemia, respiratory self-care), and chronic care (cardio, diabetes, CNS, dyslipidemias, venous system, urology).

Luminova is owned by Mr. Michael Erichsen, the second generation of the Erichsen family, who is also the Company's Executive President.”

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Luminova Pharma Alliance Inc. 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.

Luminova Pharma Alliance
Humberto Gonzalez
CFO
+(502)-5017-8159
hugonzalez@luminovapg.com
Edificio AVIA Nivel 12 Oficina 1200, Zona 10, Guatemala, Guatemala, C.A.
www.luminovapg.com

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

How it works

How it works