The International Finance Corporation (IFC) is celebrating a landmark achievement in Africa’s health security as its client, Biovac, begins clinical trials for South Africa’s first domestically developed oral cholera vaccine. This breakthrough promises to provide faster and more reliable access to vaccines during cholera outbreaks, reducing the continent’s dependence on imports.

According to IFC, the vaccine could be available by 2028, pending approval. The organization has played a pivotal role in Biovac’s growth story over the past three years, leading a consortium of local and international development finance institutions to mobilize financing for the company’s expansion.

In 2023, IFC committed a US$7 million loan to support Biovac’s scale-up and is providing advisory services for a new multi-vaccine manufacturing plant in Cape Town. The plant will triple Biovac’s manufacturing capacity, add 4-5 new vaccines, and support both traditional and mRNA platforms, marking a significant step forward for Africa’s health resilience.

These efforts align with the World Bank Group’s broader priorities, including building domestic vaccine and pharmaceutical manufacturing capacity and strengthening regulatory, delivery, and financing systems to ensure real health system preparedness.

As the largest global development institution focused on the private sector in emerging markets, IFC is working to create markets and opportunities in developing countries, supporting inclusive, safe, and productive work environments globally.