EIPICO seeks to secure $70M loan from 2 local banks

Updated 10/24/2023 7:19:00 AM
EIPICO seeks to secure $70M loan from 2 local banks

Arab Finance: The Egyptian International Pharmaceutical Industries Company (EIPICO) is planning to get a loan of around $70 million from QNB Alahli and Banque du Caire to finance EIPICO 3 factory for the manufacturing of biopharmaceuticals and biosimilars, Chairman Ahmed Kelani said in an interview with Asharq Business.

Kelani said that QNB Alahli would provide $60 million of the loan sum and the remaining $10 million would be obtained from Banque du Caire.

The investment cost of the EIPICO 3 project is worth $100 million, Kelani noted, expecting production from the factory to commence by the end of 2024.

Founded in 1980, EIPICO is an Egypt-based public shareholding company that operates in the pharmaceutical industry. It is a manufacturer and exporter of pharmaceuticals and holds license agreements with a group of international.

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