New Delhi: The government of India has entered into a legal agreement with the World Bank for a flexible financing arrangement to accelerate research towards early development for biopharmaceuticals.

In a statement issued by the union government, it said that the mission has been approved at a cost of $250 million for a period of five years with 50 percent funding through the World Bank Loan. The aim is to make India a hub for design and development of novel, affordable and effective biopharmaceutical products.

The statement also said the agreement was executed Wednesday between Biotechnology Industry Research Assistance Council, the project implementing agency and also a public sector unit (PSU) of Department of Biotechnology, Department of Economic Affairs Ministry of Finance and International Bank for Reconstruction and Development on behalf of World Bank.