IFC, EIB Group and European Commission back Biovac to build Africa’s first end-to-end multi-vaccine manufacturing site, advancing vaccine self-reliance

• The financing package includes a $20 million senior loan from IFC with additional mobilization in progress and a €75 million quasi-equity investment from EIB Group.
• Project to produce key vaccines for cholera, polio, meningitis and pneumonia, strengthening the prevention of serious infectious diseases in children.
• More than 340 skilled and 7,000 indirect jobs to be created, providing a major boost to vaccine self-reliance and regional health resilience.

Biovac, a leading African vaccine manufacturer, has secured a major financing package from the International Finance Corporation (IFC), the EIB Group, and the European Commission to build Africa's first end-to-end multi-vaccine manufacturing facility. The project will increase access to life-saving vaccines, strengthen the continent's capacity to prepare for future pandemics, and advance Africa's long-term health resilience.

The project will expand Africa's vaccine manufacturing capacity, support equitable access to essential immunisations, and strengthen preparedness for future pandemics. The investment is enabled by a financing package led by IFC as the mandated lead arranger, which includes a $20 million senior loan with further mobilisation underway. The investment is also supported by a €75 million quasi equity investment from EIB Group. EIB Group's quasi-equity is a form of long-term financing, designed to provide flexible capital for growth while sharing risk, and is provided under the Human Development Accelerator (HDX) guarantee programme, an initiative backed by the European Commission and implemented by the EIB Group, in partnership with the Gates Foundation.

The investment also aligns with AIM2030, an initiative to improve access to essential health products for millions of people in Africa over the next 5 years. Biovac is an early example of the type of market-shaping investment AIM2030 is designed to support.

The Biovac facility, expected to be completed by 2028, will initially produce the oral cholera vaccine and later expand to include vaccines for polio (IPV), pneumonia (PCV) and meningitis (MenX). Once operational, it will have the capacity to manufacture up to 30-40 million doses annually, addressing about 40% of the global cholera vaccine supply gap and supplying regional markets through procurement channels such as UNICEF and Gavi, the Vaccine Alliance. This expansion will create over 340 skilled jobs and 7,000 indirect jobs, fostering technology transfer and innovation, and bolstering Africa's long-term health resilience.

Ethiopis Tafara, IFC Regional Vice President for Africa, commented:

"Africa has a significant market in scaling resilient, high-quality vaccine manufacturing and strengthening long--term- health security across the continent. Building local manufacturing capacity is both a development imperative and a strategic investment in resilience. As one of its long-standing financiers, IFC is pleased to support Biovac's expansion. This innovative financing demonstrates how multilateral development banks can work together to unlock transformative investments and lay the foundations for a sustainable vaccine manufacturing industry in Africa."

Morena Makhoana, Chief Executive Officer of Biovac, said:

"We are proud to partner with the European Commission, EIB Group and IFC on this transformative greenfield project - a state-of-the-art multi-vaccine facility in Africa. Expanding local vaccine development and end-to-end manufacturing on African soil for global supply has always been Biovac's vision, and this funding enables us to accelerate it. The new facility will ensure a reliable supply of life-saving vaccines for Africa and expand our role in building skills, advancing technology transfer and driving vaccine innovation that will benefit generations to come. This milestone would not have been possible without the unwavering support of our international partners, and we are truly grateful and excited to lead the way in strengthening Africa's vaccine self-reliance."

Nadia Calviño, President of the European Investment Bank, said:

"With this project, alongside our partners, we are making history. The European Investment Bank is very proud to support the production of vaccines in Africa, for Africa, in what will be the first facility of its kind on the continent. This will save lives: protecting millions of children from serious illness, and equipping scientists and health workers to safeguard their own communities. It shows how Europe is translating global partnerships into real benefits for people on the ground."

Jozef Síkela, EU Commissioner for International Partnerships, added:

"This is what Global Gateway looks like in action. We are using our guarantee under the Human Development Accelerator to unlock private and multilateral investment in a facility that will produce up to 40 million vaccine doses a year, address 40 percent of the global cholera supply gap and create more than 340 skilled jobs. That is health sovereignty combined with real development impact. And it is exactly the model we are replicating through the Global Health Resilience Initiative, launching before the summer."

Kalpana Kochhar, Interim President, Global Policy & Advocacy at the Gates Foundation, said:

"Expanding vaccine access and advancing health equity remain urgent priorities. Through our partnership with the European Investment Bank and the European Commission as part of HDX, we support efforts to make vaccine supply more reliable, so that life-saving vaccines reach people quickly and affordably. Today's announcement, which enhances the continent's ability to produce its own vaccines, shows how targeted partnerships can help strengthen health systems and address persistent gaps in access."

The project directly supports the African Union's Vision 2040 goal of achieving 60% local vaccine production and advances several United Nations Sustainable Development Goals (SDGs) - notably SDG 3 (Good Health and Well-Being), SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation and Infrastructure), and SDG 17 (Partnerships for the Goals). It is also aligned with the African Vaccine Manufacturing Accelerator (AVMA) initiative.