Biovac, a client of the International Finance Corporation (IFC), has initiated clinical trials for South Africa’s first domestically developed oral cholera vaccine—a milestone achievement for African health security. This innovation will enable faster, more reliable vaccine access during cholera outbreaks while reducing dependence on imports. Pending approval, the vaccine could become available by 2028.
IFC’s Strategic Partnership
Over the past three years, IFC has played a central role in Biovac’s expansion:
Financial Leadership
IFC led a consortium of local and international development finance institutions, including South Africa’s Industrial Development Corporation (IDC) and the European Investment Bank (EIB), to mobilize critical financing for Biovac’s growth.
Direct Investment and Advisory Support
In 2023, IFC committed a $7 million loan (in rand equivalent) to support Biovac’s scale-up operations. IFC is also providing advisory services for a new multi-vaccine manufacturing plant in Cape Town.
Transformative Impact
The new facility will triple Biovac’s manufacturing capacity, add 4–5 new vaccines to its portfolio, and support both traditional and mRNA vaccine platforms—representing a significant advance for Africa’s health resilience.
Broader Significance
This partnership aligns with the World Bank Group’s strategic priorities: building domestic vaccine and pharmaceutical manufacturing capacity, and strengthening regulatory, delivery, and financing systems to ensure comprehensive health system preparedness across the continent.