Dhaka, May 8 -- In a landmark move to strengthen access to affordable and quality medicines, improve public health, and support economic growth, International Finance Corporation (IFC), a member of the World Bank Group, committed a $58 million long-term loan to Renata PLC, a leading pharmaceutical company in Bangladesh.

This financing will help address the company's critical working capital needs, offering essential liquidity support amid limited US dollar financing availability.

IFC aims to bolster the country's pharmaceutical sector and its capacity to deliver essential healthcare products.

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

However, reliance on im...