IFC loan to help Fosun expand

The International Finance Corp, a member of the World Bank Group, has agreed to provide 300 million yuan (US$47 million) to Fosun Pharma to help the company expand its business, the IFC said yesterday.

Fosun Pharma produces both generic and innovative medicines. It is also one of the largest suppliers of anti-malaria drugs to developing countries through international institutions such as the World Health Organization and the International Red Cross. It has so far provided anti-malaria drugs to more than 300 million people in Africa and Southeast Asia.

The loan will provide long-term funding to Fosun Pharma's subsidiaries in China to help upgrade manufacturing facilities, including those located in less-developed regions, and further enhance product performance, according to a statement from the IFC.

The loan is the IFC's second to the company. In 2006, it offered 320 million yuan through the issuance of a local-currency bond or "panda bond," which helped Fosun Pharma expand its manufacturing and distribution businesses.