CAIRO — Developers of the Russian COVID-19 vaccine say they signed a deal with a leading Egyptian pharmaceutical company to manufacture more than 40 million doses annually in Cairo.

The Russian Direct Investment Fund, along with Egypt’s Minapharm and its Berlin-based subsidiary, issued a joint press release saying the technology transfer will begin immediately. It expects the roll out of the Sputnik V vaccine in the third quarter of 2021.

The production will take place in Minapharm’s biotech facility in Cairo for global distribution.

CEO of the Russian Direct Investment Fund Kirill Dmitriev says in the release: “The Russian vaccine is highly efficient and trusted by regulators around the world and makes a huge contribution in the fight against coronavirus.”

The Russian vaccine has demonstrated efficacy of 97.6% and been approved by drug authorities in 61 countries so far, according to Dmitriev. Russia has been marketing Sputnik V abroad, despite the comparatively slow rollout at home and limited production capacities.