Kampala, Uganda, September 7, 2020 — IFC, a member of the World Bank Group, today announced a loan to International Medical Group (IMG) to strengthen services at the healthcare provider’s Ugandan hospital and clinics, allowing them to continue to deliver quality medical care, including free services, to hundreds of thousands of patients in the country.
The $4 million equivalent local currency Ugandan shillings loan, part of IFC’s global $8 billion fast-track COVID-19 facility, will help ensure that IMG meets patients’ needs during and after COVID-19, including by providing subsidized medical aid to low-income communities through IMG’s foundation, the International Medical Foundation.
A subsidiary of CIEL Healthcare, IMG runs the International Hospital Kampala and 17 clinics across Uganda, serving over 300,000 patients annually in the country. IMG offers outpatient and inpatient services ranging from vaccination, optical, dental, and laboratory services to chronic disease care.
Hélène Echevin, CEO, CIEL Healthcare, said, “IFC’s loan is a relief to IMG, especially during this pandemic when companies count on long-term capital to meet company cash flow realities in light of the present context.”
Manuel Moses, IFC Country Manager for Uganda, said, “Our partnership with IMG will help ensure patients in Uganda can continue to access quality healthcare services during the COVID-19 pandemic. IFC’s support for critical sectors like health is part of our strategy to protect the flow of goods and services in Africa and elsewhere as businesses and individuals grapple with the fallout of COVID-19.”
IFC’s loan is supported by the International Development Association’s Private Sector Window (IDA PSW) Local Currency Facility, which will allow IFC to provide a long-term local currency financing to IMG.
Borrowing in local Ugandan shillings will help IMG avoid the risk of foreign exchange fluctuations. The loan is from IFC’s fast-track COVID-19 facility, announced in March 2020 to support businesses and preserve jobs in emerging markets worldwide during this period of economic uncertainty.
IFC has an active portfolio of $2 billion in healthcare companies in emerging markets globally. IFC’s investments and advisory services foster best practice in healthcare and life sciences, promote the deployment of innovative technologies, and advance quality care. Between July 2018 and June 2019, our health sector clients cared for 7.4 million patients in Sub-Saharan Africa.
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 in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2019, we invested more than $19 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org .
About CIEL Healthcare
CIEL Healthcare Limited is a subsidiary of CIEL Limited, which is one of the leading industrial and investment groups in Mauritius with operations locally and in numerous African and Asian countries . CIEL Healthcare invests in and manages secondary and tertiary healthcare assets across Sub-Saharan Africa.
About the IDA Private Sector Window
As part of the record $75 billion IDA18 replenishment, the World Bank Group created the $2.5 billion IDA Private Sector Window to catalyze private sector investment in the poorest and most fragile countries. Recognizing the key role of the private sector in achieving IDA objectives and the Sustainable Development Goals, the window provides concessional funds for co-investment alongside IFC and Multilateral Investment Guarantee Agency (MIGA) private investments. Concessional funds help to mitigate risk and reduce barriers, which unlocks and crowds in private investment in emerging markets. For more information, visit: https://ida.worldbank.org/psw
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