IFC, Nakasero Hospital to Expand Affordable Quality Health Care in Uganda
IFC's $3 million loan will enable the company to complete construction of an 80-bed hospital and establish a radiology department. IFC's long-term loan is denominated in Ugandan shillings, which will limit Nakasero Hospital's exposure to foreign exchange risk. This is IFC's first Ugandan shilling loan commitment and its introduction is expected to help develop the country's long-term local currency swap market.
"There is tremendous potential for private health care in Uganda and we are very happy to join forces with IFC, whose experience and knowledge of the sector in emerging and developing markets will facilitate our expansion," said Professor Seggane Musisi, Chair, Board of Directors, Nakasero Hospital.
Nakasero Hospital will offer professional management and superior nursing care in a country where demand far exceeds supply and many patients are referred to hospitals abroad for diagnosis and treatment, while others remain untreated.
Guy Ellena, IFC Director for Health and Education, said, "IFC looks forward to sharing industry knowledge with Nakasero Hospital. The project is consistent with the IFC-World Bank Health in Africa strategy, which supports investments in small and midsize health providers and in centers of excellence to raise the quality of care."
Jean Philippe Prosper, IFC Director for Eastern and Southern Africa, said, "IFC will work with Nakasero Hospital to promote best practice and increase access to quality health care. The project also sends a positive signal to investors about the attractiveness of financing private health projects in Uganda."
IFC is the largest multilateral investor in private health care in emerging markets and supports the growth of health care in developing countries in a sustainable and socially responsible way.
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit www.ifc.org.
About Nakasero Hospital Ltd
Located in Kampala, Uganda and conceived as a one-stop hospital to reduce the need for Ugandans to travel abroad for medical care, Nakasero Hospital Ltd will provide emergency, ICU, imaging, laboratory, gynecological, orthopedic, pediatric, psychiatric, and surgical services. The hospital runs free eye clinics with Deseret International, USA as part of its corporate social responsibility project for low-income Ugandans that have a significant impact on the community, and expects to also provide free specialist orthopedic and gynecological care.
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