The US International Development Finance Corporation (DFC), America’s development bank, will work with the Hyderabad-based Biological E and finance its increased capacity to further the company’s endeavour to produce 1 billion doses of Covid-19 vaccine by the end of 2022.
Though DFC did not specify how much money it will invest in Biological E, it stated that it will invest between $5 million to $500 million per eligible project from the private sector to support the manufacture of vaccines.
“It is hard to conceive of an investment with a greater developmental impact than using our financial tools to increase the capacity of vaccine manufacturing to help developing countries in Asia and around the world respond to Covid-19 and other diseases,” DFC’s Chief Operating Officer (COO) David Marchick said.
Under this plan, the company’s 1 billion doses will adhere to the Stringent Regulatory Authorization (SRA) and or World Health Organization (WHO) Emergency Use Listing, including Johnson & Johnson vaccines.
This announcement is part of the development bank’s ‘global health and prosperity initiative’, which aims to increase manufacturing, production and distribution capacity for vaccines, including the Covid-19 vaccine.
The development came to light in the QUAD summit held on Friday, in which leaders of the US, Australia, India and Japan, announced their partnership to hasten the end of the pandemic.
“Expanding vaccine manufacturing, especially the Covid-19 vaccine and boosters, will help increase vaccination rates and protect communities around the world,” added Marchik.
According to the DFC, Biological E is a woman-run and woman-operated business, advancing the agency’s 2X Women’s Initiative to promote global gender equity.
“The vaccines Biological E plans to produce with the assistance of DFC’s financingAcomplement existing efforts to vaccinate as many people in the world as possible in the shortest amount of time,” said a DFC official.
Under the development bank’s ‘Roadmap for Impact’ strategy, DFC will work with private businesses to strengthen global health systems with financing to increase capacity in manufacturing, production and distribution of vaccines, which also includes the Coronavirus vaccine.
“DFC is looking to strengthen the vaccine supply chain and last mile logistics for distribution. DFC is accepting proposals under its aglobal health and prosperity initiative’. The agency seeks to invest between $5 million and $500 million per eligible project through its full range of financial tools, which includes equity and debt financing, political risk insurance, and technical development,” said the official.
The agency expects eligible projects to deliver highly impactful health outcomes in developing countries.
DFC engages with the private sector to finance solutions for the most critical challenges confronting the developing world, with investments across energy, healthcare, critical infrastructure and technology.