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The project supports the construction, furnishing and validation of the second phase of a commercial scale production facility for vaccines and biological medicines. It also includes technology transfer, research, development and innovation (RDI) activities of a Colombian biotech company targeting areas of high unmet medical need.
The aim is to support innovation and improved access to innovative medicines by leveraging private sector engagement, thereby helping to stimulate growth and decent jobs, facilitate trade, diversify global value chains and reinforce health, scientific and diplomatic ties with partner countries, while advancing universal health coverage, and human development and public health objectives. The operation will boost local manufacturing, create jobs, and enhance access to affordable health products in Colombia and therefore in Latin America. It will reduce health inequities, and strengthen regional health resilience. Improved vaccine distribution will lower disease rates, reduce healthcare costs, and increase productivity, leading to economic growth and better quality of life.
The EIB requires that the project aligns with the relevant environmental legislation and is implemented in accordance with the EIB's Environmental and Social principles and standards. The production facility is expected to require an Environmental and Social Impact Assessment (EIA), which will be further assessed during appraisal. RDI activities are expected to be carried out in existing facilities that are already used for similar purposes or are investments of intangible nature and hence are not expected to create significant impact on the environment.
The EIB requires the promoter to ensure that implementation of the project will be done in accordance with the EIB's Guide to Procurement.
Project financed under the European Fund for Sustainable Development Plus (EFSD+) Open Architecture Accelerating Human Development Guarantee.