International Finance Corporation, member of the World Bank Group, is investing USD 16.5 million (around Rs 123 crore) in genetic diagnostics and research company MedGenome to increase access to COVID-19 testing in India. The partnership, apart from increasing the access to COVID-19 testing, will also support research to better help understand the virus, its variants and manage future outbreaks, IFC and MedGenome said in a statement on Thursday.

IFC's USD 16.5 million equity investment will support the expansion of MedGenome's diagnostic services as well as boost genomic data from South Asian populations, which can help provide valuable insights into complex diseases and help develop effective medical solutions for diverse populations, it added.

"With IFC's support, we will continue to expand our services across India, bringing tests directly to the communities most affected by the pandemic, and finding genetic variants that might be making some people more susceptible to severe COVID-19 infection and post-COVID illness," MedGenome Founder and Chairman Sam Santhosh said.

(PTI)