IFC MAKES FIRST REGIONAL HEALTH CARE INVESTMENT
IN EASTERN EUROPE
Brigid Janssen
Phone: (202) 458-4698
Fax: (202) 974-4384
E-mail: bjanssen@ifc.org
WASHINGTON, D.C., May 14, 1999 – The
International Finance Corporation is making its first investment in a regional
health care provider in Central and Eastern Europe.
IFC's US$7 million loan to ABC Medicover Holdings B.V. (Medicover) will
support Medicover's expansion project. Medicover, headquartered in Warsaw,
was founded in 1995 to develop a comprehensive prepaid private health care
system, and is based on a network of outpatient centers offering preventive
and ambulatory care, occupational medicine, access and coordination of
services. At present, Medicover operates outpatient centers in Poland,
Romania, Hungary, and Estonia and serves approximately 30,000 members,
primarily from the corporate sector. As part of the project, Medicover
will open new facilities in those countries and in other countries in the
region.
The awareness and demand for quality private health care services in Central
and Eastern Europe has increased dramatically and many companies now recognize
the need to supplement their employees' benefit packages with private health
care coverage. Medicover has responded to this demand and is positioning
itself to become a leading private health care system in the region.
Harold Rosen, IFC Director for Central and Southern Europe, said that the
project will extend quality health care services to many people and offer
best-practice in primary care and occupational medicine as well as serving
as a model for other institutions in the region. IFC Trust Funds provided
by the Dutch Government will help finance Medicover's efforts to advance
occupational health reforms by training physicians and nurses, educating
employers, and working with health authorities to set up appropriate regulatory
framework.
Dr. Paul Lenz, CEO of Medicover said the loan would provide additional
resources, allow Medicover to expand its services to many more companies
and individuals, and help the countries of the region to provide the best
possible care based on choice of the consumer.
Medicover's major investor is ORESA Ventures, a Swedish venture capital
company with interests in the health care and distribution sectors. ORESA
Ventures has significant experience in the region and is dedicated to providing
a strong support to Medicover throughout its expansion.
The mission of IFC, part of the World Bank Group, is to promote private
sector investment in developing countries which will reduce poverty and
improve people's lives. IFC finances private sector investments in the
developing world, mobilizes capital in the international financial markets
and provides technical assistance and advice to governments and businesses.
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