New Delhi, Apr 25 (PTI) 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 aim is to make India a hub for design and development of novel, affordable and effective biopharmaceutical products.

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.

This mission will mark the beginning of a new partnership between the Department of Biotechnology (DBT) and the World Bank, it added.

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