Government entered legal agreement with World Bank on biotech

Vastavam web: The government has entered into a legal agreement with the World Bank for a flexible financing arrangement to accelerate research towards early development for biopharmaceuticals.The mission has been approved at a cost of USD 250 million for five years with 50 per cent funding through the World Bank Loan, a government statement said. The agreement was executed yesterday between the project implementing agency — Biotechnology Industry Research Assistance Council, a PSU of Department of Biotechnology, Department of Economic Affairs, Ministry of Finance and International Bank for Reconstruction and Development on behalf of World Bank), the statement said.