Bangladesh on Thursday signed a deal with Serum Institute of India to buy 30 million doses of potential COVID vaccine which is being developed by British drugmaker AstraZeneca.

In the race against the novel coronavirus, AstraZeneca's experimental COVID-19 vaccine is considered one of the most advanced candidates.

"Whenever the vaccine is ready, the Serum Institute will give us 30 million doses in the first phase," Health minister Zahid Maleque said after deal was signed.

"We'll be able to vaccinate 15 million people as two shots of vaccine are required for each person 28 days apart," he added.

The minister furthermore stated that Bangladesh's drug maker, Beximo Pharmaceuticals, will purchase 5 million doses of vaccine every month. As per reports, the cost of each dose would be $4 to $5.

According to government officials as reported by NDTV, Bangladesh was in talks with development partners, including the World Bank and the Asian Development Bank in a bid to secure funds for the vaccine.

The Serum Institute, the world's largest manufacturer of vaccines by volume, has partnered with AstraZeneca, the Gates Foundation and the Gavi vaccine alliance to produce more than a billion doses of a COVID-19 vaccine for global supply.

It is holding trials for three potential coronavirus vaccines, including one licensed to AstraZeneca by Oxford University.