Luminova (IDBI-13671-01)

Countries
  • Guatemala
Geographic location where the impacts of the investment may be experienced.
Specific Location
Guatemala
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
  • IDB Invest (IDBI)
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."
Voting Date
Oct 24, 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
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
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Ring Fence
  • Trade Finance
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 10.00 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.
Loan Amount (USD)
$ 10.00 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)
$ 10.00 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 @ IDBI website

Updated in EWS Oct 6, 2022

Disclosed by Bank Jul 12, 2022

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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.

The transaction consists of a line of credit in favor of Luminova Pharma Alliance Inc. ("Luminova") to finance entry and growth working capital, mainly for new markets and products. It is a medium-term loan of up to 3 years, renewable for a similar term at the discretion of IDB Invest. This will allow entry to new countries where appropriate grace periods are required to increase volume and recover initial investments, while the renewal helps in a second stage of market consolidation. The use of funds includes preliminary opening, registration and formulation investments in several Latin American countries, an investment component in one of its treatment plants, which is key to achieving compliance standards, and the launch of a new line of unbranded products. generic medicines, providing access to populations with limited or no access to quality and low-cost medicines. Luminova is a pharmaceutical company based in Guatemala, producer of branded generic drugs with distribution and sales activities in Central America, part of the Caribbean and South America.

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

The use of the funds includes preliminary opening, registration and formulation investments in several Latin American countries, an investment component in one of its treatment plants, which is key to achieving compliance standards, and the launch of a new line of non-branded generic drugs.

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 Education and Health

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.

EMAIL: requestinformation@idbinvest.org
PHONE: +1(202)-566-4566
ADDRESS: 1350 New York Ave NW, Washington, DC 20005

ACCESS TO INFORMATION You can submit an information disclosure request at: https://www.iadb.org/en/access-information/information-request ACCOUNTABILITY MECHANISM OF THE IDB / IDB INVEST The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IDB Invest )-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IDB Invest is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/ mici/mici,1752.html (Spanish).

How it works

How it works