Etana Equity (IFC-49792)

Countries
  • Indonesia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Jakarta
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
Jul 3, 2025
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
PT Etana Biotechnologies Indonesia
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 Type(s)
Equity
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)
$ 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 Sep 25, 2025

Disclosed by Bank May 13, 2025

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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 will support the Company’s expansion plans to increase local production capacity of vaccines and biological drugs.

Etana production facility is located in Kawasan Industry Pulogadung, Cakung, East Jakarta. The Company currently has more than forty registered products and plans to roll out multiple products and scale up its operations. The company’s expansion plan prioritizes fully utilizing the existing drug substance production facility by installing additional production and quality control equipment and building a new warehouse. Subsequently, the Company will build another Drug Substance production facility on the existing site. At the time of IFC appraisal, the establishment of additional drug substance facilities is still at concept stage, with construction works expected to commence in 2026. 

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.

The investment is a Category B project. Based on information reviewed by IFC, the proposed project will have limited adverse E&S impacts that are few, site-specific, largely reversible and readily addressed through existing mitigation measures and good international industry practices (GIIP). 

Key E&S risks and issues include: i) the company's management and monitoring systems to assess and manage E&S risks and impacts from its operations ii) fair, safe and healthy labour working conditions including workers engaged by third parties and occupational health and safety (OHS); iii) waste water, and solid waste including hazardous waste management; and iv) chemical management, life and fire security(LFS) and emergency response plan(EPR).

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

The Project is estimated to cost up to US$60 million, including IFC’s equity investment of up to US$30 million and mobilization of up to US$30 million from other investors.

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.

Etana is a leading pharmaceutical company in Indonesia with vaccine and pharmaceutical products focused on the treatment and prevention of various (i) non-communicable diseases, including cancer and kidney disease, and (ii) infectious diseases. Etana was founded in 2014 by its President Director, Mr. Nathan Tirtana. The Company’s senior management, led by Mr. Tirtana, collectively is the largest shareholder in the Company.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - PT Etana Biotechnologies Indonesia 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.

PT Etana Biotechnologies Indonesia
Shendy MF Simamora
Head of Legal and Compliance
(+6221) 4608808
info.corporate@id.etanabiotech.com
Kw. Industri Pulogadung, Jl. Rw. Gelam V No.13 Blok L Kav. 11, Jatinegara, Cakung, East Jakarta City
https://www.id.etanabiotech.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