IFC mulls $8.5mn investment in DRC quinine manufacturer

The IFC may invest up to USD 8.5mn in Pharmakina, a quinine manufacturer (the active agent in anti-malaria drugs) that has operations in Bukavu in the Eastern region of the DRC.

Should the IFC invest, its commitment will be part of a USD 20.9mn project as the company is seeking to modernise and upgrade its processing facilities, expand production capacity, increase working capital and refinance an existing bank loan.

The IFC’s investment is a loan comprising two parts—a USD 4.25mn IFC A loan and a USD 4.25mn loan from IDA private sector window. The remaining USD 12.4mn investment will be equity.

Pharmakina is majority-owned by AlphaTalents Africa (ATA), through Pharmeg, an investment holding company that owns 99.9% of Pharmakina SA. ATA  bought 57.5% of Pharmeg in 2023 and the two companies are project sponsors. In July 2023, the company appointed a new CEO Gurpreet Singh Kang.

The company was founded in 1961, when it was owned and operated by Boehringer Mannheim in Germany and by Roche, Switzerland. In 1999 the company was bought by executives.