INDIA – The Export-Import Bank of India (Exim Bank) has concluded a US$100 million loan agreement with Japan Bank for International Cooperation (JBIC) to support the India’s COVID-related healthcare sector.
The agreement was reached alongside three Japanese private financial institutions, namely MUFG Bank, Ltd., Bank of Kyoto, Ltd., and Hachijuni Bank, Ltd., on the sidelines of the Quad Leaders’ Summit.
The loan’s purpose is to assist the Indian healthcare sector in combating Covid-19, which includes, but is not limited to, vaccine manufacturers, pharmaceutical companies, manufacturers of personal protective equipment, medical oxygen or other medical devices, hospitals, and other related activities.
Apart from assisting companies in these sectors with domestic expansion projects, the bank has also assisted various Indian companies in the healthcare sector, including hospitals and healthcare facilities, pathological labs, and related training/education services.
As a prelude and to better understand the market requirements of this sector, India Exim Bank along with JBIC organized a Roundtable in collaboration with the Pharmaceuticals Export Promotion Council of India (Pharmexcil) in July 2021, with participation from the CEOs of some of India’s largest healthcare and pharmaceutical companies.
Through this agreement, India Exim Bank and JBIC will collaborate to increase the safe and effective production of COVID-19 vaccines and related pharmaceutical and healthcare products in India.
To further spread awareness on the funding structures available for such companies in India, India Exim Bank and JBIC jointly organized another programme in collaboration with Pharmexcil in September 2021.
Exim Bank of India has also played key role in the expansion of pharmaceutical companies including manufacturing of bulk drugs and formulations, as well as biosimilar/biopharma (including life sciences), among others, with their overseas endeavors.
It has also supported research and development, new product development, and other related areas.
The development finance institution has aided the healthcare sector as well as all segments of the pharmaceutical value chain.
The Quad vaccine partnership and global health security
Meanwhile, the Quad nations including USA, Australia, Japan, and India reaffirmed their commitment to maintaining global leadership in responding to the COVID-19 pandemic and strengthening global health security.
To date, the Quad partners have provided 257 million safe and effective doses to the Indo-Pacific region.
Even as they continue to donate vaccines, the Quad stated that they will adapt their collective approaches to and prepare for new variants, such as getting vaccines, tests, treatments, and other medical products to those who are most vulnerable.
The US will provide COVID-19 boosters and pediatric doses to countries in need, including those in the Indo-Pacific.
As part of the Quad Vaccine Partnership, the Biological E, Ltd facility in India will continue to use expanded vaccine-manufacturing capacity.
Quad’s assistance is aimed at establishing long-term manufacturing capacity, including for booster shots, which will be beneficial in the fight against COVID-19 and future pandemics.
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