EIPICO seeks local funding for third pharma factory: EGX-listed Egyptian International Pharma Industries Company (EIPICO) is looking to borrow USD 70 mn in funding from Qatar National Bank (QNB) and Banque du Caire to fund the construction of its third factory, chairman and managing director Ahmed Kelani told AsharqBusiness. The local drugmaker plans to begin production at the new factory by the end of 2024.

Funding breakdown: The plant will cost c. USD 100 mn to build, Kelani said. QNB will provide a loan of USD 60 mn, while Banque du Caire will provide USD 10 mn. Kelani did not disclose where the remaining USD 30 mn will come from.

Rowad will handle the construction: EIPICO awarded Elsewedy Electric subsidiary Rowad Modern Engineering an EGP 418 mn contract to construct the three factories in September 2022.

ALSO IN PHARMA-

GYPTO Pharma is heading to Saudi Arabia: State-owned medical city complex GYPTO Pharma signed EGP 4 bn worth of agreements with Saudi Arabia’s Med City Pharma to develop drug manufacturing tech in the kingdom, reports Ahram Online, citing a statement from GYPTO Chairman Amr Mamdouh. A group of unnamed local pharma firms were also party to the agreement.

Egyptian meds in Saudi: The agreement will also see GYPTO registering and producing some of its branded meds in Saudi Arabia, Mamdouh added.

Refresher: At 180k sqm GYPTO Pharma is considered the largest pharma production hub in the Middle East, and is hoped to transform Egypt into a regional center for safe and affordable meds.

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