Square Pharmaceuticals Limited has rejected a proposal by International Finance Corporation (IFC) for an equity partnership in Square Pharmaceuticals Kenya EPZ Limited.
Instead, Bangladesh’s leading pharmaceutical firm partnered up with Standard Chartered Bank’s Bangladesh section, to fund the project through a loan deal.
Managing Director of Square Pharmaceuticals Tapan Chowdhury revealed the information during an interview with an Africa-based newspaper recently.
IFC is a sister-concern of the World Bank (WB).
However, Head of WB’s Health in Africa Initiative Khama Rogo said in an interview that IFC would expect to reach a deal for an equity stake with Square Pharmaceuticals in near future.
Square started construction of the plant on January 8, 2018 at the export processing zones (EPZ) in Athi River with an initial investment of USD 25 million.
40 per cent of that investment is financed by equity, and the rest 60 per cent is financed by the above-mentioned deal with Standard Chartered Bank.
