The United States International Development Finance Corporation- DFC announced that it will be supporting Biological E’s efforts of producing 1 billion doses of Coronavirus vaccines by the end of the year 2022.
The vaccines of COVID-19 by the Indian manufacturer will be produced with stringent regulatory authorization- SRA and /or WHO Emergency Use listing including Johnson & Johnson Vaccines.
The announcement by the corporation is part of its Global Health and Prosperity Initiative. Under it, the agency has been working to increase the manufacturing, production, and distribution capacity for various vaccines, including Coronavirus vaccines.
The announcement was highlighted by the Biden-Harris administration during the Quad summit, during which the leaders from Australia, the US, Japan, and India announced a landmark partnership for further accelerating the end of the pandemic. The first Quad summit was held on March 12, 2021, in a virtual format.
During today's Quad Summit, DFC announced it will work with Indian manufacturer Biological E Ltd. to finance increased capacity to support Biological E’s effort to produce at least 1 billion doses of #COVID19 vaccines by the end of 2022. ➡️ https://t.co/K7yiyLPX8k
— DFCgov (@DFCgov) March 12, 2021
DFC extends support to increase the capacity of producing COVID-19 vaccines:
According to a DFC release, Biological E is a woman-run and woman-operated business, advancing the agency’s 2X women’s initiative for promoting global gender equity.
The corporation will work with the Indian manufacturer to finance the increased capacity of producing at least 1 billion doses of Coronavirus vaccines.
The vaccines that will be produced with the corporation financing will complement the existing efforts of vaccinating as many people globally as possible in the shortest span of time.
Increasing vaccination rates to protect communities:
The Chief Operating Officer of DFC, David Marchick highlighted that expanding the vaccine manufacturing, especially the Coronavirus vaccines and boosters will help in increasing the vaccination rates and in protecting communities around the world.
He further added that it is hard to invest with a greater developmental impact than using the financial tools in order to increase the vaccine manufacturing capacity to help the developing countries in Asia and the world respond to Coronavirus and other diseases.
DFC strengthening global health systems:
Under the development strategy Roadmap for Impact, the Development Finance Corporation has been strengthening the global health systems by working to provide businesses with financing in order to increase the capacity in manufacturing, production, and the distribution of vaccines.
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