L. Joseph
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WASHINGTON, D.C., Oct. 2 -- The International Finance Corporation (IFC) has signed an agreement to provide a financing package of US$25.8 million for the P.T. Siloam Gleneagles Hospital to build a 330-bed private hospital, called Rumah Sakit Siloam Gleneagles in Lippo Karawaci, a new urban development near Jakarta, Indonesia. The new hospital will provide the full range of diagnostic and general medical services in internal medicine, general surgery, pediatrics, obstetrics and gynecology, emergency services, health screening and education. The hospital will also offer specialized services in cardiology, oncology, ophthalmology, ear, nose and throat, geriatrics, nephrology, and dentistry. IFC's financing package consists of a loan of US$8.3 million for IFC's own account, a subordinated loan of US$3.6 million, and a syndicated loan of US$13.9 million for the account of participating financial institutions. The total project cost is estimated at US$48 million. The main investors in the hospital are P.T. Lippo La
nd Development, a real estate and property developing company in Indonesia, and Parkway Holdings Limited, a diversified Singapore-based company, which is active in the health care sector through its ownership of hospitals in Singapore, Malaysia and the U.K. Parkway Holdings Limited is in the process of acquiring the Bumrungrad Hospital in Bangkok, Thailand, where IFC made an investment two years ago. "Rumah Sakit Siloam Gleneagles Hospital represents IFC's second major investment in a private hospital and underscores the importance of attracting private financing to the health care sector in developing countries," said Mr. Peter Cook, Director of IFC's Asia Department. He added that "private sector investment in this key sector can provide a higher standard of health care and free up government resources for other urgent health care priorities." IFC is a member of the World Bank Group and is the largest multilateral source of equity and loan financing for private sector projects in developing countries.