The International Finance Corporation (IFC) has announced a significant investment and advisory support package for Biovac, a leading South African biopharmaceutical company, to boost vaccine production and pandemic preparedness in Africa.

The IFC’s investment includes a loan equivalent to 7 million rand ($384515.04) to support Biovac’s ongoing production of various vaccines, and a collaboration agreement to provide project development support for a new multi-vaccine production facility in Cape Town.

The state-of-the-art plant aims to increase Biovac’s production capacity from 150 million to 560 million vaccine doses annually, including traditional bacterial-based vaccines and messenger RNA (mRNA)–based vaccines.

“This move is designed to strengthen African vaccine value chains and reduce dependence on imports.”

Biovac’s Chief Financial Officer (CFO), Craig Mitchell, expressed enthusiasm for the partnership, emphasizing its role in advancing research, development, and manufacturing capabilities in Africa.

On her part, Cláudia Conceição, IFC’s Regional Director for Southern Africa, highlighted the urgency of expanding vaccine production in Africa post-COVID-19.

Biovac, a key player in vaccine development, currently supplies 80% of South Africa’s routine pediatric vaccines and has delivered over 450 million vaccine doses since 2003.

The IFC’s investment is expected to enhance Biovac’s financial standing and manufacturing capabilities, aligning with the company’s expansion strategy and IFC’s commitment to supporting vaccine production in Africa.

The partnership, initiated in 2022, involves a consortium of nine development finance institutions working to finance the expansion of Biovac’s vaccine manufacturing capacity, with a focus on COVID-19 and other critical vaccines.