The Indian government 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 statement also said the agreement was executed yesterday 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 on behalf of World Bank.

Source: AIR