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IFC Provides $30.7 Million Loan to Popular Pharmaceuticals for Bangladesh Healthcare Boost

The International Finance Corporation (IFC) has announced a US$ 30.7 million loan to Popular Pharmaceuticals to support essential medicine production and job creation in Bangladesh.

By Staff Correspondent
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IFC and Popular to work for healthcare dev | Business
BSS

In a significant move to bolster Bangladesh's healthcare sector, the International Finance Corporation (IFC), a member of the World Bank Group, has agreed to provide a US$ 30.7 million loan to Popular Pharmaceuticals. This financing aims to support the continuity of essential medicines and job creation in the country. The loan will primarily address Popular Pharmaceuticals' working capital needs for importing Active Pharmaceutical Ingredients (APIs), which are critical for local medicine production.

Strengthening Essential Medicine Supply

Although domestic manufacturers supply most of the medicines consumed in Bangladesh, the sector remains heavily reliant on imports for key raw materials, particularly APIs. The IFC's long-tenor U.S. dollar facility is designed to ensure timely and uninterrupted access to foreign currency for these critical imports. This support is crucial for maintaining the production of essential medicines for Bangladesh's population of approximately 170 million.

Popular Pharmaceuticals, one of the top ten pharmaceutical companies in Bangladesh, manufactures over 815 products and delivers them to around 155,600 pharmacies and clinics. The company supports millions of patients and employs more than 10,000 people across the country. The new financing will help Popular Pharmaceuticals expand its operations, particularly in the hormone division, creating around 330 high-skilled jobs and increasing the share of women employed in the division by at least 60 percent.

Global Expertise and Local Impact

Beyond providing financial support, the partnership with IFC brings global healthcare expertise to Popular Pharmaceuticals. This collaboration is expected to help the company strengthen its operations, expand into new therapeutic areas, and reinforce its leadership in hormones and specialized medicines. Dr. Mostafizur Rahman, Managing Director & CEO of Popular Pharmaceuticals, highlighted the importance of this partnership, stating it marks a significant step towards becoming one of Bangladesh's top pharmaceutical companies by 2030.

Carsten Mueller, Regional Industry Director, Manufacturing, Agribusiness and Services, Asia Pacific at IFC, emphasized the importance of reliable access to critical raw materials for uninterrupted medicine production. He noted that through this partnership, IFC is helping to strengthen healthcare supply chains and create skilled jobs in Bangladesh. The project 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.

Source: BSS

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