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Glenmark becomes first domestic drug firm to get COVID credit line from IFC

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Mumbai: International Finance Corporation (IFC) on Tuesday said Glenmark Pharmaceuticals has become the first domestic drugmaker to get a USD 40-million (about ₹290 crore) credit-line from its USD 8-billion fast-track COVID-19 facility.The loan to Glenmark will help it increase the availability of affordable, quality medicines in the country as well in other countries, including treatment for the pandemic.The World Bank Group lender said the USD 40 million-loan is under its USD 8-billion fast-track COVID-19 facility and will help the Mumbai-based company boost its generic drug production capacity in general and respiratory drugs in particular.IFC's partnership with Glenmark began way back in 2016, supporting its expansion and growing its.

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