In a landmark move to enhance access to affordable, high-quality medicines and strengthen Bangladesh’s pharmaceutical sector, the International Finance Corporation (IFC) has committed a $58 million long-term loan to Renata PLC, one of the country’s leading pharmaceutical companies.

This financing would help address the company’s critical working capital needs, offering essential liquidity support amid limited US dollar financing availability, IFC said in a statement issued on May 8.

It said that IFC aimed to bolster the country’s pharmaceutical sector and its capacity to deliver essential healthcare products.

Syed S Kaiser Kabir, CEO & Managing Director of Renata PLC said, In the context of USD liquidity constraints, the ongoing risk of further devaluation of BDT vs USD and the ever-increasing cost of financing in Bangladesh, the IFC commitment to Renata will bring significant stability to our supply chain and support cost-effective manufacturing.’

The sector is a key driver of Bangladesh’s economy, with growing contributions through exports and skilled employment.

Imad N Fakhoury, IFC Regional Director for South Asia said, ‘IFC’s partnership with Renata will drive crucial growth and create jobs in Bangladesh’s pharmaceutical industry. By supporting Renata’s operations, we aim to help them maintain a robust supply chain and develop and register new products in international markets to ensure the availability of essential medicines. The partnership will bolster the competitiveness of Bangladesh’s pharmaceutical sector and solidify the country’s standing in the international generics industry.’

IFC is committed to supporting private sector growth in Bangladesh, particularly in sectors critical to health, employment and exports.

This partnership with Renata reflects IFC’s strategic goal of driving sustainable growth and expanding Bangladesh’s impact in global markets, the statement read.