India Exim Bank and Japan Bank for International Cooperation (JBIC) signed $100 million loan agreement for combating the India’s COVID-related healthcare sector. The agreement was signed on Monday on the side-lines of the Quad Leaders’ Summit, Exim Bank said in a release.
“The purpose of this facility is to support the Indian healthcare sector related to combating COVID-19, including but not limited to vaccine manufacturers, pharmaceutical companies, manufacturers of personal protective equipment, medical oxygen or other medical devices, hospitals, and more,” it said.
Through this facility, India Exim Bank and JBIC will jointly work towards expanding safe and effective manufacturing of COVID-19 vaccines and related pharmaceutical and healthcare products in India.
Apart from supporting domestic expansion projects of the companies in these sectors, the institution has also supported the overseas endeavours of various Indian companies in the healthcare sector (including hospitals and healthcare facilities, pathological labs, and related training/ education services), pharmaceutical companies (including manufacturing of bulk drugs and formulations), and biosimilar/ biopharma (including life sciences) companies, among others.