The International Finance Corporation, America’s International Development Finance Corporation (DFC), Germany’s Development Finance Institution (DEG) and France’s Proparco on Friday announced a partnership to fund vaccine manufacturing in Africa.
The development institutions plan to collaborate with African pharmaceutical companies like South African based Aspen Pharmacare Holdings, to support the development and production of vaccines in Africa.
Through the partnership, IFC and the global development partners aim to help African countries to respond to the raging Covid19 pandemic and to be ready to respond to future pandemics.
The newly appointed IFC managing director, Makhtar Diop, said, “Our common goal is that everyone who needs a COVID-19 vaccine gets one—and gets it fast. Through this partnership, we aim to generate replicable, lasting solutions to allow African countries to get life-saving drugs and vaccines to more people”.
African countries lag behind in terms of vaccinations due to vaccine shortages. The nations are counting on the private sector to increase production, availability and up-take of the crucial vaccines.
“This partnership will provide significant support to African vaccine producers to increase local vaccine production,” said Grégory Clemente, CEO of Proparco.
IFC, a member of the World Bank, has committed $1.1 billion to fight the Covid19 pandemic. $450 million of the funds have been set aside to boost the development and manufacture of vaccines throughout the world.