Egyptian pharmaceutical firm Minapharm has agreed to produce over 40 million shots per year of Russia’s Sputnik V COVID-19 vaccine, the Russian Direct Investment Fund (RDIF), which markets the vaccine abroad, said on Thursday.

The two parties agreed to begin technology transfer immediately, it said in a joint statement with Minapharm, and the rollout is expected in the third quarter of this year.

“RDIF and Minapharm will initially supply more than 40 million doses a year. Production will take place in Minapharm’s biotech facility in Cairo for global distribution,” the statement said.