The World Bank Group's first subsovereign operation in the health sector globally;
Investments financed by the IFC loan are part of a successful healthcare sector reform program in the Republic, supported earlier by IBRD-funded projects.
Improved health outcomes achieved under the program are setting a positive precedent for similar reforms in other regions of Russia.
About the client:
The Chuvash Republic is one of 83 constituent entities of the Russian Federation. It is located in the center of the European part of Russia, approximately 650km east of Moscow, and has a total population of about 1.3 million people. The Republic is a repeat IFC and IBRD client, and a pace-setter among Russian regions in improving public services as well as financial management.
Financing objective:
IFC financing was used for the acquisition of new diagnostic, treatment and rehabilitation equipment aimed at improving diagnostic and care for cardiovascular, stroke and trauma patients.
The structure of the project :
IFC loan of RUR200 million (US$6.5 million), with a maturity of 4 years and a grace period of 1 year. The loan is unsecured and not guaranteed by the Federal government.
The outcome :
Investments financed under the Project will help the Republic to implement a key component of its healthcare restructuring program that is expected to reduce mortality rates and improve post-rehabilitation quality of life for cardiovascular, stroke and trauma patients in the Chuvash Republic.
