Government Enters into Agreement with World Bank on Biotech

The Government of India (GoI) has entered into a legal agreement with the World Bank for a flexible financing arrangement to accelerate research towards early development for biopharmaceuticals. A Statement issued by the government said the mission has been approved at a cost of 250 million dollars for five years with 50 per cent funding through the World Bank Loan.

The aim is to make India a hub for design and development of novel, affordable and effective biopharmaceutical products. The agreement was executed between the project implementing agency, Biotechnology Industry Research Assistance Council, a PSU of Department of Biotechnology, Department of Economic Affairs Ministry of Finance and International Bank for Reconstruction and Development (IBRD) on behalf of World Bank.