Nairobi, Kenya, February 22, 2022—Leading endoscope manufacturer KARL STORZ became the newest company to join IFC's Africa Medical Equipment Facility, IFC announced today, helping Africa's healthcare providers to further strengthen their services in the wake of the COVID-19 pandemic.
KARL STORZ's participation in the Africa Medical Equipment Facility (AMEF) will support smaller healthcare businesses in East and West Africa to purchase or lease medical equipment, including endoscopic equipment, in local currency. Endoscopy is a minimally invasive medical procedure that uses a long, thin, tube with a light and camera at one end to conduct diagnosis or specialized surgical procedures.
Africa's smaller healthcare operators often struggle to secure bank loans to purchase equipment, due to their business' perceived high investment risk. This limits their ability to buy or lease medical equipment and other vital health services to serve patients across income levels.
"Through its innovative endoscopy solutions, KARL STORZ aims to support better patient care and safety. By working with IFC's AMEF program, an increased number of hospitals will have access to state-of-art equipment and, therefore, a greater number of patients will benefit from advanced surgical techniques that support improved outcomes and faster healing," said Ara Sarkissian, Vice President of Commercial Operations in the Middle East & Africa at KARL STORZ.
"IFC is supporting small, private health operators in Africa because they have a vital and growing role to play delivering affordable, high-quality care to patients. The Africa Medical Equipment Facility welcomes the participation of KARL STORZ, which will contribute to making specialized equipment more accessible in Africa," said Samuel Dzotefe, acting Regional Industry Director for Manufacturing, Agribusiness and Services in Africa at IFC.
Launched in April 2021, AMEF partners with financial institutions and medical equipment manufacturers to improve private sector healthcare delivery by enabling hospitals, clinics, labs, and others to acquire advanced medical equipment.
Supported by the International Development Association Private Sector Window (IDA-PSW) Blended Finance Facility and the Global Financing Facility for Women, Children and Adolescents (GFF), the facility falls under IFC's Global Health Platform, which was launched to help developing countries fight the coronavirus pandemic and increase their healthcare systems' resilience.
The facility includes an advisory services program to help small healthcare businesses strengthen their medical equipment procurement processes, financial management competencies, and business planning. The advisory program, active in both Cote d'Ivoire and Kenya, will also help participating financial institutions strengthen their credit underwriting skills for the healthcare sector.
KARL STORZ, which becomes the third medical manufacturer to join AMEF, produces and distributes high-quality endoscopes, medical instruments, and other devices. The company's range of endoscopic instruments for human and veterinary medicine now includes more than 15,000 products.
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.
About KARL STORZ
The medical technology company KARL STORZ was founded in 1945 in Tuttlingen, Germany, and is an international leader in the world of endoscopy. Now in its third generation, the family-owned company employs 8,300 people in 44 countries worldwide. The company portfolio includes more than 15,000 products for human and veterinary medicine. KARL STORZ stands for visionary design, precision craftsmanship and clinical effectiveness. Sales for the fiscal year 2020 amounted to 1.8 billion euros. Production sites are located in Tuttlingen and Neuhausen (Germany) as well as Schaffhausen and Widnau (Switzerland), Talinn (Estonia), Charlton and Goleta (USA). For more information, visit: www.karlstorz.com
About the IDA Private Sector Window
As part of the 19th replenishment of the International Development Association (IDA), the World Bank Group is continuing the IDA Private Sector Window (PSW) created under IDA18 to catalyze private sector investment in the poorest and most fragile countries. Recognizing the key role of the private sector in achieving IDA's objectives and the World Bank Group's twin goals, the window provides a source of co-investment funding and guarantees to de-risk private investments supported by IFC and the Multilateral Investment Guarantee Agency (MIGA). The IDA PSW is an option when there is no commercial solution and the World Bank Group's other tools and approaches are insufficient. For more information, visit: http://ida.worldbank.org/psw.
About the Global Financing Facility for Women, Children and Adolescents (GFF)
The Global Financing Facility (GFF) is a multi-stakeholder partnership hosted at the World Bank that supports country-led efforts to improve the health of women, children and adolescents. With the GFF, countries are making smarter, more prioritized, results-focused investments toward greater impact on the health, nutrition and well-being of women, children and adolescents; building capacity for more sustainable funding for this agenda; and exploring more innovative ways to work with the private sector. www.globalfinancingfacility.org.
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