The proposed loan will help in increasing the availability of affordable vaccines for people in India.
The World Bank's investment arm International Finance Corporation (IFC) has proposed to extend a loan of up to $30 million to Hyderabad based vaccine manufacturer Biological E Ltd.
In a disclosure, IFC said the proposed loan will help Biological E expand its vaccine manufacturing facilities, with the company also looking to take part in the development and availability of a potential inoculation for the coronavirus.
The proposed loan will also help in increasing the availability of affordable vaccines for people in India.
“The company claims to invest significantly in research and development, which is key to building a pipeline of products for under-met medical needs. It plans to launch several new products in India and other developing countries over the next five years,” IFC said in its disclosure. Washington headquartered IFC's long-term financing will benefit the company as vaccine developments are long-gestation projects.