In a move towards fulfilling the commitment set by the "Quad" leaders, the U.S. International Development Finance Corporation and Biological E. Limited unveiled the expansion of Biological E.'s vaccine manufacturing facility in Hyderabad on Monday.
According to a press release by the US Mission India, the facility finalised a U.S. government financing arrangement formalizing USD 50 million to expand the company's capacity to produce COVID-19 vaccines.
This is being done to bolster near-term COVID-19 response efforts. It will also benefit long-term global health in India and throughout the Indo-Pacific region, said to the press release.
Chief Operating Officer, DFC, David Marchick said, "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."
The managing director of Biological E. Limited, Mahima Datla expressed her pleasure for the financial support from the US government which was announced at the Quad Summit in March 2021.
"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," said Datla said.
The release further said that DFC's investment in Biological E. Limited is part of the agency's Global Health and Prosperity Initiative, which is focused on supporting the global response to the COVID-19 pandemic and strengthening health resilience in developing countries.
( With inputs from ANI )
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