IFC proposes funding for Carlyle-backed Ugandan pharmaceutical company

The International Finance Corporation (IFC) has disclosed a proposed investment in AK Life Sciences Limited (AKL), a pharmaceutical manufacturer and distributor headquartered in Uganda, and with operations in Uganda, Tanzania, Rwanda, Burundi and Kenya operating under the brand name ‘Abacus Pharma’.

The proposed IFC investment is an ‘A’ loan of up to $12.5 million. The funding will finance the upgrade of certain machinery and equipment at Abacus Parental Drugs Limited, the manufacturing arm of the group.

AKL’s main shareholders are the Carlyle Sub-Saharan Africa Fund, which controls approximately 60%, and the balance collectively held by Kiboko Holdings Limited and Ramesh Babu.

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