Genomma Lab (IIC-12121-01)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Mexico
Geographic location where the impacts of the investment may be experienced.
Specific Location
Toluca
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
Feb 20, 2018
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. ("Genomma Lab")
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)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 64.42 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.
Currency conversion note:
Bank reported MX$1.2 billion
Converted using 2018-01-31 exchange rate.
Loan Amount (USD)
$ 64.42 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)
$ 64.42 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
Other Related Projects
Primary Source

Original disclosure @ IIC website

Updated in EWS Sep 20, 2018

Disclosed by Bank Jan 15, 2018

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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 Inter-American Development Bank Invest, formerly the Inter-American Investment Corporation, this project with Genomma Lab has two components:

(i) an Uncommitted Revolving Line of Credit for MX$200 million, or its equivalent in US$ to purchase accounts payables issued by Genomma Lab or one of its eligible subsidiaries. The fund will have an initial tenor of 12 months, renewable on a yearly basis at IDB Invest's discretion for up to 6 additional years

(ii) a long-term loan for up to MX$1.0 billion to finance the construction, equipment and operation of its new manufacturing plant in Toluca, Estado de Mexico.

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

(i) an Uncommitted Revolving Line of Credit for MX$200 million, or its equivalent in US$ (“Facility”) to purchase accounts payables issued by Genomma Lab or one of its eligible subsidiaries. The Facility will have an initial tenor of 12 months, renewable on a yearly basis at IDB Invest’s discretion for up to 6 additional years

(ii) a long-term loan for up to MX$1.0 billion to finance the construction, equipment and operation of its new manufacturing plant in Toluca, Estado de México.

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.

According to the Inter-American Investment Corporation, Genomma Lab is a Mexican-based company operating across Latin America and the Caribbean.  They specialize in the packaging and distribution of over the counter drugs (OTC) and pharmaceuticals. They’ve been listed on the Mexican stock exchange since 2008, and on the exchange’s Sustainability Index since 2011. They currently distribute products across 19 countries, and with the proposed construction of their first production plant, aim to be a regional leader in OTC products competing with a range of name-brand multinational companies.  As of December 15, 2017, the company employed 832 people across the region, 502 of which are in Mexico.  Roughly 35% of employees are female and 65% are male. 

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 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.

Project Contact: Antonio Zamora
Chief Financial Officer
Phone number:+52 55 5081 0082
email address:antonio.zamora@genommalab.com 

ACCOUNTABILITY MECHANISM OF IIC

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 (IIC)-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 IIC 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).

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How it works