Hyderabad, Jun. 24: The US-based Bill Gates Foundation has earnmarked $50 million for development of anti-malaria vaccine in different parts of the world including India.

A three-member team led by Regina Rabinovich, Director of Malaria Vaccine Initiative of the foundation who are on a mission to identify companies having requisite infrastructure to manufacture the much needed vaccine with the support of the foundation visited Bharat Biotech International Limited here.

According to Rabinovich, the foundation which is routing funds through a Delhi-based non-governmental organisation PATH, would provide technical know-how or funds to select companies.

"The foundation is concerned over spread of malaria in different parts of the world, including India. At least 3 children die of malaria disease every minute and a million every year. Besides, a person afflicted with malaria is a big loss to economy," she told mediapersons. The team also visited North America and Europe and had identified some prospective companies.

"We have not yet finalised any agreement with any company. A technical team of the foundation will hold further discussions with the select companies before entering into an MOU," she disclosed. The team memebers said they were impressed with the facilities available in some companies in India including Hyderabad.