Karachi, Pakistan, August 7, 2019— IFC, a member of the World Bank Group, has invested $11.3 million as equity in Shifa International Hospitals Limited, a leading healthcare company in Pakistan, to help it expand and meet the needs of the country’s fast-growing population.
The investment gives IFC 12 percent equity in Shifa, a publicly listed company that operates one 600-bed tertiary care hospital and two other smaller hospitals, serving about 440,000 patients annually. It will help Shifa set up more hospitals and clinics and provide increased access to high-quality, affordable care.
This is IFC’s first investment in the health sector in Pakistan, the fifth most populous country, which has less than one hospital bed for every 1,000 people.
“In Asia and Africa, many countries simply cannot afford to invest as much as necessary in their healthcare systems,” said Nadeem Siddiqui, IFC’s country manager for Pakistan. “But private sector players, like Shifa, can help fill in the gaps, making life better for the people.”
According to the United Nations, Pakistan ranks 126 th out of 188 countries in the quality of its medical care. Its healthcare expenditure, at 2.7 percent of the GDP, is low compared to an average of 3.7 percent for South Asia and 12.5 percent for OECD countries.
“We welcome the partnership with IFC, which will help Shifa in its planned and much-needed expansion of quality healthcare to a broader and larger segment of the population. It will also provide an incentive and opportunity to other medical institutions in Pakistan to partner with IFC. This will truly have an impact on the healthcare accessible to our population,” said Manzoor H. Qazi, Shifa’s CEO.
The investment is part of a larger effort by IFC to improve medical care in the world’s poorest countries. In 2017, IFC’s clients in the health sector cared for over 41 million patients.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
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