IFC as implementing entity of the IDA PSW BFF is expected to provide up to $36 million in the form of a first loss guarantee (“blended finance co-investment”) to support the Project. Without the de-risking from blended finance, IFC and the other lenders will not go ahead due to the heightened risks faced by this greenfield project. As a result, IPD would not be able to scale up its vaccine production capacity in Senegal as planned. The subsequent benefits to the African population in need of local manufactured vaccines would not be fully realized either. The level of concessionality (i.e., “subsidy”) provided by the blended concessional finance co-investment is estimated to be up to 4% of the total project cost. The total cost of the project is $252 million. This estimate is based on the difference between (i) a “reference price” (either a market price if available; the price calculated using IFC’s pricing model, which comprises three main elements: risk, cost and profit; or a negotiated price) and (ii) the “concessional price” being charged under the Project. As is the case with all of IFC’s blended concessional finance co-investments, this project has been assessed against the Enhanced Blended Concessional Finance Principles for DFI. Further information on these Enhanced Principles, IFC’s blended finance approach and governance, and historical information on estimated subsidy levels in IFC’s blended finance portfolio can also be found at: www.ifc.org/blendedfinance. IFC is open to engage with other eligible market players in the sector developing projects that seek to achieve similar impact.

27.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	27.0
Equity

* These investment figures are indicative

The Project is expected to help address the critical supply gap of vaccines in Africa as it creates additional manufacturing capacities and is expected to contribute to meeting the continent’s future needs for vaccines. The Project is expected to help strengthen the future resilience of the region health systems and supply chain and reduce the continent dependence on imports.

Through the proposed investment, IFC will support a vaccine manufacturer scale up operations to respond to the vaccines needs of the continent. IFC's financial additionality is delivered through the provision of long-term financing in line with the Project’s needs and at a time vaccines manufacturers are expected to play a critical role, and mobilization of additional financing for the Project. IFC's non-financial additionality is delivered through the provision of technical expertise through IFC’s Upstream engagement to support the Project development phase and the implementation of Environmental & Social management systems.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.