Cairo, Egypt, May 26, 2021—An IFC loan to Integrated Diagnostics Holding (IDH), a leading diagnostic service provider in the Middle East and Africa, will help expand access to high-quality health diagnostic services in Egypt and support IDH's growth into new markets as countries continue to battle the COVID-19 pandemic.
IFC's $45 million loan will support IDH's expansion in Egypt and other emerging markets where diagnostic services—the cornerstone of an effective healthcare system—are often lacking. IDH is responding to the growing need by establishing new centers to offer more tests to more people. It is also offering testing for COVID-19 in Egypt and Jordan and adding more tests to its portfolio.
The financing from IFC, a member of the World Bank Group, will foster the growth of high-quality diagnostic services that are key to accurate diagnosis and improved health outcomes.
"We are very excited to be partnering up with IFC on this debt financing agreement, which allows IDH to deliver on its strategic objective of expanding access to high-quality, affordable healthcare and diagnostic services in new and existing markets while also delivering on IFC's goal of promoting economically, socially, and environmentally sustainable private investment," said Dr. Hend El Sherbini, IDH CEO.
"The $45 million debt financing package will allow IDH to expand healthcare accessibility by growing its regional footprint through potential acquisitions, as well as expanding our current medical service offering, geographical reach, and digital offering to ensure that we provide access to as many patients as possible. In parallel, we continue to invest in further diversifying our test portfolio and in training our employees so that we can deliver the best quality test packages to our clients," El Sherbini continued.
IFC's financing package is part of its strategy to help private health providers in the Middle East and Africa meet the soaring demand for healthcare and support the Egyptian government in its goal of achieving universal health coverage by 2030.
"This investment will mean better healthcare outcomes for patients in Egypt and in other countries in the Middle East and Africa. As an experienced regional healthcare provider, IDH offers patients high-quality diagnostic services at a time when investing in people and raising their health awareness is critical. It is also encouraging to see IDH playing a leading role in COVID-19 testing in Egypt and Jordan and expanding in-home testing services to cater to patients during lockdowns," said Sérgio Pimenta, IFC Vice President for the Middle East and Africa.
With support from IFC, IDH is also aiming to become the first healthcare provider in the Middle East and Africa to obtain IFC's EDGE Gender Equality Certification by creating optimal workplaces for women and men. IDH is a founding signatory to IFC's Ethical Principles in Healthcare, which promote ethical practices across the international private healthcare delivery system.
About IFC
IFC—a 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 2020, we invested $22 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.
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