Kenyan pharmaceutical retail chain, Mimosa Pharmacy, is seeking a Sh405 million ($5 million) loan from the International Finance Corporation (IFC), as part of a Sh1.64 billion ($18.2 million) capital required to expand its drug retail business over the next five years.

According to disclosure documents by the IFC, the loan will enable Mimosa Pharmacy to open new stores in Nairobi, as well as other major cities across East Africa. The company is expected to add more than 50 stores over the next five years, as it rebrands to Goodlife.

The project is expected to create over 200 new direct jobs. It will also boost availability of healthcare products within Kenya.

Private equity firm, Catalyst Principal Partners, and Mauritius-based pharmaceutical chain, Africa Chemist and Beauty Care (ACBC), recently bought a stake in Mimosa. The acquisition was made through a mix of equity and debt. Founder of Mimosa, Chris Getonga is the other shareholder in the pharmacy chain.

IFC noted that growing the number of stores will encourage the pharmaceutical industry to create structured brands. The lender expects this to result in customers getting higher quality products and at a lower cost.