IFC provided in August of 2012 $10 million in financing to complete construction of Hospitaria, an energy-efficient 50-bed hospital in Mexico’s northern Monterrey city that will improve access to health services for low- and middle-income communities.
Hospitaria will be located in the north of Monterrey’s metropolitan area, where the population of 1.2 million is characterized by poor and middle-class communities that lack sufficient access to medical services. Northern Monterrey’s hospital capacity is 0.3 beds per 1,000 inhabitants, far below the national average of 1 bed per 1,000 inhabitants. Hospitaria will help address this shortage by providing health-care services to more than 27,000 patients during its first five years of operation. The hospital will employ more than 200 local people, 50 percent of whom will be women.
“Investment projects in hospitals require long-term financing due to the time required to reach project completion,” according to Hospitaria CEO Ricardo Aldape. “IFC provides financial solutions with better conditions in terms of grace periods, tenor, guarantees, and pricing. It also has ample experience in the health care sector, so its participation provides confidence to investors and community stakeholders.”
Hospitaria will contain energy-efficient systems such as exterior insulation and tinted double-paned windows as well as efficient lighting, A/C, and plumbing. It is being constructed under IFC’s Performance Standards, which contain guidelines to help minimize environmental damage. Hospitaria will be the first green hospital in Mexico and in IFC’s portfolio worldwide—milestones that may help spur additional green buildings in Mexico and elsewhere.
“Supporting health providers who are able to move down-market to reach lower-income households and providing employment opportunities for skilled local professionals have high impacts for Mexico’s development,” said Roberto Albisetti, IFC Senior Manager for Mexico and Central America. “With this project, we expect to raise the standards for other players in the sector.”
Hospitaria’s construction and IFC’s loan for the project are being managed by two experienced partners: Hospital Ginequito and Ambar Capital. Hospital Ginequito is one of Monterrey’s leading hospitals and has been operating for more than 35 years, providing patients with high-quality health-care services and a favorable working environment for its clinical staff. Ambar Capital is a private investment fund created in 2009 by local investors to invest in sectors with dramatic social impacts such as health, education, and technology.