Denmark's IFU will invest $12.5 million in pharmacy chain AKS Khan Pharmaceuticals for the expansion of the latter's network, targeting to cater to 8 million patients annually within three years.

The investment into this concern of AKS Khan Holdings will come through the Investment Fund for Developing Countries (IFU), a development finance institution of the Danish government.

AK Shamsuddin Khan, director of AK Khan & Company Limited, and Lars Bo Bertram, chief executive officer of the IFU, signed an agreement in this regard at Radisson Blu Water Garden Hotel, Dhaka, on Wednesday night.

Addressing the signing, Christian Brix Møller, Danish ambassador to Bangladesh, said the investment, made during a transitional period in Bangladesh, signals confidence in the country's progress and the interim government's efforts.

Samanzar S Khan, managing director of AKS Khan Holdings, said they aim to establish a network of 100 pharmacies and diagnostic centres.

"Through this expansion, we aspire to reach 8 million people annually in the coming years, a significant leap from the 1.5 million lives we currently touch each year," she said.

Since 1990, the IFU has invested €300 million in different projects, such as a fertiliser company and a water treatment facility in Dhaka, said Lars Bo Bertram, CEO of the IFU.

Bertram said the IFU focuses on impact investments that drive economic and social development while ensuring financial returns.

"Access to quality, authentic medicine is crucial to treating and curing diseases and ensuring quality of life for millions of people suffering from chronic diseases across Bangladesh," said AK Shamsuddin Khan, director of AK Khan & Company Limited.