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.
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.
US bank to enhance Biological E plan for covid vax :
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.
US provide financial assistance to Indian vaccine:
The US will provide financial assistance to support Indian drug-maker Biological E’s effort to produce at least 1 billion doses of COVID-19 vaccines by the end of 2022, a document released by the White House on Friday after the Quad summit said.
The Quad leaders, at a virtual summit, decided to launch a mega vaccine initiative under which coronavirus vaccines will be produced in India for the Indo-Pacific region with financial assistance from the US and Japan, while Australia will contribute in logistical aspects.
“United in our fight against COVID-19, we launched a landmark Quad partnership to ensure accessibility of safe COVID-19 vaccines. India’s formidable vaccine production capacity will be expanded with support from Japan, US & Australia to assist countries in the Indo-Pacific region,” Prime Minister Modi tweeted.
Hyderabad, March 13 (IANS) 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.
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.