The board of directors of Memphis Pharmaceutical (MPCI) approved the financing package provided from Abu Dhabi Islamic Bank (ADIB) to settle the EGP 300 million debts of El-Gomhouria Company for Drugs, according to a statement published on September 14th.

El-Gomhouria for Drugs’ debts have reached EGP 294.29 million so far.

Memphis is one of the oldest pharmaceutical and chemical companies in the Middle East and has been in the market since 1940 .