The main shareholders include the Darwazah Group, Citicorp International, and IFC.

The proposed IFC investment is up to $15 million loan for IFC’s own account.

15.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	15.0
Equity

* These investment figures are indicative

The IFC corporate loan will be extended to Hikma Investment located in Amman, Jordan. The proceeds will be used to finance expansion of Hikma’s operations in the MENA region, Portugal, and Asia.

This is a category B project according to IFC’s environmental review procedure. Potential environmental, social, health and safety issues associated with this project include air emissions, liquid effluents, solid and hazardous wastes handling and disposal, raw materials and chemicals handling and storage, water supply, employee health and safety training, including hygiene, fire safety and emergency response, environmental management capacity, social development activities in corporate operations.
Location of environmental documents in locally affected community
Jordan: - Hikma Pharmaceutical’s internal library at Hikma Pharmaceuticals - Bayader Wadi El Seer – Industrial Area, Amman, Jordan. Contact person: Mr. Basel Awad, telephone: 5824222, Ext: 112, fax: 5817102. - Amman Municipality Library – Amman – Al-Muhajreen. Portugal: - Hikma Farmaceutica, Lda., Estrada do Rio da Mo, 8, 8A, 8B, Ferenca, 2705-906 TERRUGEM SNT, Portugal. Contact person: Mr. Jose Antonio Xavier, Tel.: +351 21 960 84 10, Fax: +351 21 961 51 02, e-mail: jxavier@hikma.pt. - Town Hall (JUNTA DE FREGUESIA), TERUGEM, Portugal. The environmental documents will be available for public review starting May 13, 2003.

The project will have a significant developmental impact for several reasons: - IFC’s technical assistance will introduce high levels of corporate governance to a Jordanian company with a multinational presence. This will also carry a strong demonstration effect for other Jordanian companies. - IFC’s investment will contribute to the growth of the Jordanian pharmaceutical sector, a major contributor to the country’s exports. - The project will also send a strong signal to the market, and therefore support a Jordanian multinational in a U.S. IPO. - IFC’s investment in the form of a corporate loan will stimulate the ability for the company to obtain such funding from external sources in the future. IFC Role: Throughout this project, IFC will support the continued development of a leading Jordanian pharmaceutical company into a global company. IFC’s long-term loan would allow Hikma to implement a change in business strategy, further expanding in the MENA region, U.S., and Europe, and better targeting more profitable drugs coming off patent. Moreover, IFC’s technical assistance in the form of corporate governance advice and training will help the company in satisfying the Sarbanes-Oxley Act of 2002, a prerequisite for issuing ADRs, thus ensuring future access to capital. Also, IFC’s technical and financial assessment of the company will provide Hikma’s management with a fresh external view of the operations, which will be taken into account in the finalization of the business plan.