Beijing, May 15, 2013—
IFC, a member of the World Bank Group, is providing a $50 million financing package to Concord Medical
Services Holdings Ltd. to expand the company’s network of radiotherapy centers in China so that more cancer patients can gain access to such medical treatments.
The financing, consisting of a $30 million long-term loan and a $20 million convertible bond, will enable Concord Medical to treat an estimated 1 million patients across the country in the next three years. The company already operates more than 130 radiotherapy and diagnostic imaging centers with 76 hospital partners in 53 cities across China.
“Concord Medical will use the IFC loan to expand our network of radiotherapy centers in China and build planned specialty oncology hospitals,” said Yang Jianyu, chairman and chief executive officer of Concord Medical. “These are crucial components of our corporate strategy to build a nationwide network and provide high-quality radiotherapy services to all of our patients in China.”
Cancer is the leading cause of death in China and radiotherapy has been proven an effective method to tackle the disease. However, only about 15 percent of Chinese cancer patients have access to such treatment.
“IFC is partnering with leading private sector players like Concord Medical to make health care services more accessible and affordable in China and other developing countries,” said Karin Finkelston, IFC’s vice president for Asia Pacific. “Delivering quality health care increases life expectancy and decreases the loss of labor, thereby supporting economic growth and improving people’s lives.”
To date, IFC has provided financing of more than $2.2 billion to 164 private health care and life sciences projects in 53 countries. Currently, IFC has 86 active health care and life science projects across all regions. IFC-supported health clients provided health services to about 12 million patients in 2011.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
.
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