South Korean biotech firm GL Rapha will produce Russia's Sputnik V COVID-19 vaccine.

This is according to the Russian Direct Investment Fund(RDIF) which announced Friday that it has reached an agreement with the Korean firm to produce over 150 million doses annually in South Korea.

RDIF said it plans to commence production in December to roll out the Sputnik V vaccine in January for global distribution.

Sputnik V is the world’s first registered vaccine against COVID-19, which the Russian government approved in August.

Despite safety concerns, Moscow and RDIF continue to back the vaccine, claiming 92 percent efficacy based on 20 confirmed cases.

RDIF also said it has received requests for more than one-point-two billion doses of Sputnik V from over 50 countries. Vaccine supplies for the global market will be produced by its partners in South Korea, India, Brazil, China and other countries.