Dhaka, May 8 -- The International Finance Corporation (IFC) has committed to providing a US$58 million long-term loan to Renata PLC, a leading pharmaceutical company in Bangladesh, aiming to bolster the country's pharmaceutical sector and its capacity to deliver essential healthcare products.

This financing will help address the company's critical working capital needs, offering essential liquidity support amid limited US dollar financing availability, the IFC said in a press statement on Thursday.

Bangladesh's pharmaceutical industry is rapidly growing, meeting 98 per cent of local demand and also expanding its global footprint.

However, reliance on imported Active Pharmaceutical Ingredients (API) can present challenges.

"IFC's inves...