Popular WC

pending

IFC is considering a senior A loan of up to US$20 million and participating loans of US$10.7 million (together the “Loan”) to support the working capital needs of Popular Pharmaceuticals PLC. (“PPL” or the “Company” or the “Borrower”), a well reputed, mid-sized pharmaceutical company in Bangladesh. The Loan will ensure an uninterrupted supply of critical essential medicine amidst a shortage of US Dollars in the country, which is impacting the import of key raw materials for the pharmaceutical sector. Use of Proceeds (UoP) for the IFC Loan does not cover any brownfield or greenfield capacity expansion.PPL is primarily involved in the production of diabetics, pain management, ophthalmology, and dialysis and include human insulin, cephalosporin, penicillin, small and large volume parenteral and dialysis fluids with wide distribution coverage across the country. PPL has its manufacturing unit in Tongi industrial area (15 km from Dhaka) built with compliance with WHO cGMP standards. PPL is presently undertaking construction of a new Hormone Building and a New Utility Building as well as upgrading the Effluent Treatment Plant at their Tongi manufacturing facility; however, such expansion activities are not considered under IFC’s UoP.