Johannesburg, South Africa, June 12, 2017
-- IFC, a member of the World Bank Group, today announced an investment of $4.5 million in the Medical Credit Fund, part of the PharmAccess Group, to increase access to quality healthcare in Africa.
In collaboration with PharmAccess and technical assistance partners, the MCF has developed an extensive training program to improve both business and clinical performance for healthcare SMEs, using internationally accredited SafeCare standards. MCF’s integrated approach, which increases the impact of investments considerably, has led to quality improvement at more than 70 percent of the funded facilities.
The total investment package, provided by a consortium of investors and donors via two capital rounds, is over $40 million and is intended to help MCF increase access to funding for the broader universe of private healthcare SMEs in Africa. Apart from IFC, investors include other impact driven institutions such as CDC, the United Kingdom development finance institution, the Overseas Private Investment Corporation and the Agence Francaise de Developpement, alongside Calvert Foundation and other private investors.
“This new support from some of the world’s most valued development finance institutions as well as three private investors is another important step in working towards inclusive healthcare, building on the strong foundation established with our existing public and private donors and investors,” says MCF Managing Director Arjan Poels. “This new financing round will significantly catalyze our efforts to improve access to finance for the private sector in Africa, and we look forward to accelerating our impact together.”
“The lack of adequate healthcare services poses a significant impediment to development of human capital across Africa,” said Mary-Jean Moyo, IFC Regional Industry Head for Manufacturing, Agribusiness and Services in Sub-Saharan Africa. “IFC’s funding to MCF will support the expansion of an integrated product that not only brings a lasting development impact but also further opens up the healthcare SME lending space, catalyzing the commercial banking industry.”
Africa faces a critical shortage of healthcare services. As the public sector has limited financial and operational capacity, the private sector is responsible for more than half of the healthcare delivery, especially to the lower-income population. While delivering a significant share of care, the private sector largely consists of SMEs, who struggle to access funding and operational advice.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY16, we delivered a record $19 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
About Medical Credit Fund
Medical Credit Fund, initiated by the PharmAccess Group with support from Dutch private donors and the Dutch government, is a Netherlands based social impact fund that enables health SMEs in sub-Saharan Africa to access affordable finance in order to improve the quality of healthcare. By reducing the unknown risks of investing in smaller scale healthcare providers, it catalyzes financing that enables healthcare providers to invest in quality enhancement and expansion of their facility. The finance program is combined with technical support on quality improvement and business planning, delivered by PharmAccess and its partners. Medical Credit Fund has won numerous international prizes for its approach, including the G20 SME Finance Challenge Award in 2010 and the OPIC Impact Award for Access to Finance in 2014.