B MirrorDesk : The International Finance Corporation (IFC) is set to extend a long-term loan of approximately Tk 7 billion (equivalent to US$ 58 million) to Renata Limited, a prominent pharmaceutical company in Bangladesh.

The agreement was formalized on Thursday between the two parties. This funding is expected to enhance Renata’s supply chain stability and invigorate the production and export of high-quality medicines, thereby increasing the competitiveness of the country’s pharmaceutical sector. Syed S. Qaiser Kabir, Managing Director of Renata, emphasized the significance of IFC’s support during a period marked by a shortage of dollar supply and elevated financing costs.

He noted that this assistance will bolster the availability of raw materials and improve the production framework. Imad N. Fakhuri, IFC’s South Asia Regional Director, remarked that this collaboration will not only foster growth and job creation for Renata but also benefit the broader pharmaceutical industry.

He expressed optimism that Bangladesh’s position in the global market for generic drugs will be further enhanced.

Presently, Bangladesh is nearly self-sufficient in meeting its domestic pharmaceutical needs and is actively expanding its presence in international markets.