IFC lends $30.7m to Popular Pharmaceuticals
The financing includes $64.1 million in additional private capital mobilised alongside IFC’s commitment, supporting greater private investment in Bangladesh’s businesses.
The International Finance Corporation (IFC) has committed a $30.7 million senior secured loan to Popular Pharmaceuticals PLC to finance imports of active pharmaceutical ingredients (API) and support uninterrupted medicine production in Bangladesh.
The financing will meet Popular's US dollar working capital needs, mainly for importing APIs and critical raw materials for local medicine production. The long-term facility will provide timely access to foreign currency for these imports, according to an IFC statement issued today (19 August).
Although local manufacturers supply most medicines consumed in Bangladesh, the sector depends on imports for about 90% of its key raw materials, particularly APIs.
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Popular, among Bangladesh's top 10 pharmaceutical companies, manufactures more than 815 products and supplies around 155,600 pharmacies and clinics. It employs more than 10,000 people across the country.
The financing includes $64.1 million in additional private capital mobilised alongside IFC's commitment, supporting greater private investment in Bangladesh's businesses.
"This partnership with IFC marks an important step in our journey to become one of Bangladesh's top pharmaceutical companies by 2030. Beyond financing, IFC brings global healthcare expertise that will help us strengthen our operations, expand into new therapeutic areas, and reinforce our leadership in hormones and specialised medicines," said Mostafizur Rahman, managing director and CEO of Popular Pharmaceuticals.
IFC Regional Industry Director for Manufacturing, Agribusiness and Services, Asia Pacific, Carsten Mueller said the partnership would strengthen healthcare supply chains and create skilled jobs.
The project will support Popular's hormone division's expansion with around 330 high-skilled jobs and skills development in advanced pharmaceutical manufacturing. It will also increase the share of women employed in the division by at least 60%.
The partnership aligns with the World Bank Group's goal of reaching 1.5 billion people with quality, affordable healthcare by 2030 and supports Bangladesh's National Health Compact 2025.
