The International Finance Corporation (IFC) on Monday announced a loan of $25 million to Nobel Ilac, a Turkish pharmaceutical company.
"[The] loan will support Nobel Ilac's research and development efforts and help the company ramp up production," the corporation, a member of the World Bank Group, said in a statement.
Nobel Ilac will use the loan to expand its product portfolio and provide its customers in eastern and central Europe affordable and high-quality medicine, it added.
Dimitris Tsitsiragos, IFC's vice president of new business, said the investment was in line with their strategy in Turkey to support export-oriented growth and expand Turkish companies internationally.
"Nobel Ilac will introduce locally produced, high-value-added medicines to local and international markets and, at the same time, help to close the pharmaceutical trade deficit in Turkey." Tsitsiragos said.
Hasan Ulusoy, chairman of Nobel Ilac said that with the investment they aim to develop at least one bio-tech drug by 2023.
The IFC noted that the investment was part of a $48 million plan developed by Nobel Ilac, which was also financed by Is Leasing and the company's own funds.
"Turkey is currently the second-largest country in IFC's global portfolio with $5 billion in commitments," it said.
The Scientific and Technological Research Council of Turkey (TUBITAK) also supported the investment program with grants and technical assistance, the IFC added.
