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The South African pharmaceutical company Aspen has begun production of hundreds of millions of doses of COVID-19 vaccine for African countries. To speed up the process, the company is getting a large funding boost from the U.S. government.
Speaking during a virtual press briefing Thursday, Mark Marchick, a top executive for the U.S. International Development Financial Corporation, said Aspen would receive about $712 million to produce vaccine for people in Africa. Our consortium of development financing institutions would provide a direct loan to Aspen, among other things, to strengthen their balance sheet with long-term financing, support vaccine production and expand their operations with core operations based in South Africa. This loan will help them increase capacity to support Aspen’s effort to produce vaccines for the continent this year and next year, Marchik said.
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