Company name

Luminova Pharma Alliance Inc.

Project number

13671-01

Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.

E&S category
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B

Country

Guatemala

Sector

Manufacturing

Status

Proposed

Disclosed date

07/12/2022

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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09/16/2022

Approval date

N/A

Signed date

N/A

Sponsoring entity

N/A

Team leader

Fonseca, Juan Reyes

Investment type

Syndicated amount

N/A

Financing amount

USD $ 10,000,000

Currency

USD

Project scope and objective

The transaction consists of a credit facility in favor of Luminova Pharma Alliance Inc. ("Luminova") to fund entry and growth working capital, primarily for new markets and products. It is a medium-term loan of up to 3 years, renewable for a similar term at IDB Invest's discretion. This will allow entry into new countries where appropriate grace periods are required to raise volume and recover initial investments, while renewability 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 non-branded generic drugs, providing access to populations with limited or no access to quality, low-cost drugs.

Luminova is a pharmaceutical company based in Guatemala, a producer of branded generic drugs with distribution and sales activities in Central America, part of the Caribbean, and South America.

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Environmental and social review

IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.

LUMINOVA ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)

256.0 Kb

LUMINOVA ENVIRONMENTAL AND SOCIAL ACTION PLAN (ESAP)

163.8 Kb

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Contact information

For inquiries, comments and information requests about the project

Request information

Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Renato Agustin

POSITION

Chief Financial Officer

PHONE NUMBER

(502) 2422-7575

EMAIL

ragustin@luminovapg.com

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

COUNTRY OFFICES

IDB Invest Country Offices