COVID-19 has presented a global health emergency and exposed weaknesses in health systems in the developing world. As many countries continue to suffer severe outbreaks, DFC is responding to COVID-19 by taking a multipronged approach that helps to expand access to critical therapeutics, introduce medical equipment designed for low-resource environments, bolster liquidity, and strengthen existing health systems to ensure essential services continue during the pandemic.
The agency is also working to address vaccine shortages by increasing manufacturing capacity in multiple regions, with multiple technologies and within large and small countries. This robust approach is tailored to advance long-term sustainable solutions to address current and future health threats.
To further these efforts DFC, IFC, and development finance institutions from France and Germany will together provide financing to Aspen Pharmacare—Africa’s largest pharmaceutical company—that would help increase capacity to support Aspen’s effort to produce vaccines.
DFC is also providing a technical assistance grant to Fondation Institut Pasteur de Dakar (IPD) to expand COVID-19 vaccine production in Senegal.
DFC financing will help Indian manufacturer Biological E Ltd. increase capacity to produce at least 1 billion doses of COVID-19 vaccines by the end of 2022 for India and other developing countries.
DFC support to Parsyl, Inc. has helped the company to establish a new insurance coverage to mitigate the risks of transporting and distributing COVID-19 vaccines and related supplies to remote locations, where delivery is particularly challenging.
Further, DFC’s Global Health and Prosperity Initiative seeks to catalyze up to $5 billion in investment to projects that support the COVID-19 response and build greater health resilience. DFC’s Rapid Response Liquidity Facility is providing up to $4 billion to existing projects that are facing challenges as a result of the pandemic.