PROJECT

Projects

Environmental & Social Review Summary

Project Number

46582

Company Name

THE BIOLOGICALS AND VACCINES INSTITUTE OF SOUTHERN AFRICA (PTY) LTD

Date ESRS Disclosed

Aug 2, 2023

Country

South Africa

Region

Africa

Last Updated Date

Mar 27, 2025

Environmental Category

B - Limited

Status

Active

Previous Events

Approved : Nov 6, 2023
Signed : Nov 20, 2023
Invested : Mar 20, 2025

Sector

other

Industry

other

Department

CM3SV - Regional Industry - MAS Africa/MAS Africa New Bus Services

Project Description

The project entails a financing package of $25 million to BioVac Limited (“BioVac” or the “Company”) a South African based biopharma company to support their vaccine manufacturing capabilities.  The Company is planning to expand their operations through a 2-part project the first of which involves manufacturing the Pfizer COVID-19 vaccine (fill and finish only) and IFC will finance this via a $7 million loan. The second component includes construction of new multi-vaccine facility.  IFC will provide $500k funding to support the bankable feasibility study for this facility (~130 million doses annually) and provide $7.5 million in equity (~12.5% stake) and a $10 million loan to support the actual development.

The main facility at BioVac consists of 6 buildings spanning some 5,500 m2 in total surface area. A new building has been constructed (building E) to house the “freezer farm” as required for the storage of vaccines.  In addition, a 50-tonne capacity liquid nitrogen tank has been installed.          

Overview of IFC's Scope of Review

 The environmental and social (E&S) appraisal included interviews with Company management representatives including those related to environmental, health and safety (EHS), and a visit to the BioVac facility in Cape Town, South Africa. In addition, information provided by BioVac was reviewed which included the Company’s organogram, human resource (HR) policies including that related to recruitment and selection, contracts, human capital development and effectiveness, employment equity, code of conduct, the grievance mechanism, performance management, disciplinary code, sexual harassment, and policies related to retrenchment and termination of services. In addition, EHS documentation was reviewed including that related to induction training, quarterly EHS checklists, accident report, an environmental compliance audit from April 2022, oil and fuel spill standard operating procedures (SOPs), the emergency evacuation SOPs, waste management SOPs and environmental permits such as that for wastewater discharge and for boilers as well as energy consumption at the facility.

E & S Project Categorization and Applicable Standard

Environmental and Social Mitigation Measures

Stakeholder Engagement

Broad Community Support

Environmental & Social Action Plan