India Exim Bank to finance two Hyderabad firms for Covid-19 vaccine development

Hyderabad: To combat the Covid-19 pandemic, India Exim Bank is expecting to finance $100 million to the vaccine segment this fiscal, which may include development of vaccines or intermediaries needed in the vaccine development, to cater to the growing demand from export markets. This will benefit at least two companies in Hyderabad out of seven […]

Hyderabad: To combat the Covid-19 pandemic, India Exim Bank is expecting to finance $100 million to the vaccine segment this fiscal, which may include development of vaccines or intermediaries needed in the vaccine development, to cater to the growing demand from export markets. This will benefit at least two companies in Hyderabad out of seven firms from across India.

N Ramesh, deputy managing director, India Exim Bank, told Telangana Today, “Under the Covid-19 vaccine development financing, at least 6-7 pharmaceutical/biotech companies in India will be benefited including two companies in Hyderabad. There is a larger focus on pharmaceutical companies with capabilities in the vaccine space.”   

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Indian pharmaceuticals and biotech companies had been actively looking at export opportunities and had been seeking project finance to enhance capacities by setting up new facilities. 

“We expect demand for pharma project financing both this fiscal and the coming fiscal as well, as India is a major exporting country in life sciences,” Ramesh added.

The bank is also helping Africa to import drugs, vaccines and other goods from India and other nations, extending the continent up to $250 million as credit line.

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