The Black Sea Trade & Development Bank (BSTDB) will make available up to US$10mn to a leading Russian pharmaceutical company OJSC Akrikhin. The operation involves financing of the Akrikhin’s corporate development programme that will result in full compliance of its production facilities to international production and quality control standards (GMP) by the end of 2004. The maturity of the loan is seven years.
BSTDB financing will allow OJSC Akrikhin to complete its US$40mn mid-term investment programme. The funds provided by the bank will be directed at modernisation of production facilities of the company and launching of the production of new modern and effective generic medicines.
The full compliance of Akrikhin to GMP standards, expansion of its product lines and strengthening of company’s brand name will contribute to enhancing Akrikhin’s competitive position in the <
OJSC Akrikhin is the fourth-largest producer of medicines in Russia in terms of sales volume. The company manufactures more than 170 brand names of medicines in all major segments of the pharmaceutical market and commands about 6% of the total domestic output of drugs.
Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. With an authorised capital of SDR1bn (US$1.4bn), the bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects supporting both public and private enterprises in its member countries. Since the commencement of operations in 1999, BSTDB’s board of directors has approved projects and trade finance operations totaling over US$500mn.