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Business News/ News / India/  US, Biological E finalise $50 million financing deal for Covid shots

US, Biological E finalise $50 million financing deal for Covid shots

  • The agreement was struck in March when leaders of the United States, Australia, Japan and India - the so-called ‘Quad’ countries - met during a virtual summit

DFC’s with Biological E will support capacity for production of more than one billion vaccine doses by the end of 2022 for India and for other developing nations.

The US, through its International Development Finance Corporation, and India's Biological E Ltd announced today that they have finalised a financing arrangement for $50 million to expand the vaccine maker's capacity to produce coronavirus shots.

The agreement was struck in March when leaders of the United States, Australia, Japan and India - the so-called "Quad" countries - met during a virtual summit.

“The continued partnership will help bolster near-term COVID-19 response efforts and will also benefit long-term global health in India and throughout the Indo-Pacific region," the US Embassy & Consulates in India said in a statement.

“DFC’s partnership with Biological E will support capacity for production of more than one billion vaccine doses by the end of 2022 for India and for developing countries around the world," said David Marchick, Chief Operating Officer, DFC. “Today’s agreement represents a model of the close collaboration among countries that will be essential to achieve President Biden’s goal of ending the pandemic in 2022. Scaling Biological E.’s new facility, which is already producing vaccines, will help close the vaccine gap and save lives in developing countries."

“We are pleased with the financial support from the U.S. government, especially DFC, which was announced at the Quad Summit in March 2021," said Ms. Mahima Datla, Managing Director, Biological E. Limited. “This investment will not only help us augment our capacity to produce more COVID-19 vaccines, but also help the global community that has been relentlessly fighting against the spread of the COVID-19 pandemic," further said Ms. Mahima.

India, home to the world's largest vaccine maker Serum Institute, is expected to play a vital role in supplying coronavirus shots to lower- to middle-income countries. The South Asian nation this month resumed vaccine exports for the first time since April.

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