|
WASHINGTON, D.C., Feb. 17 -- The International Finance Corporation (IFC) has approved financing of US$62.24 million for the Bumrungrad Medical Center Ltd., Bangkok, Thailand. The financing will assist in the construction and operation of a 530-bed general service hospital with an out-patient facility capable of handling 3,000 patients per day. The hospital will provide specialized services, such as cardiology, neurosurgery, oncology, gastroenterology, radiation therapy, and magnetic resonance imaging. The IFC financing package consists of equity and quasi-equity investments of up to US$2.24 million, a loan of US$25 million for IFC's own account, and an additional US$35 million through an IFC loan syndicated with the following banks: Banque Nationale de Paris, CrÈdit Lyonnais, The Development Bank of Singapore Ltd ("DBS Bank"), Asian Finance and Investment Corporation Ltd, The Hongkong and Shanghai Banking Corporation Limited, N.V. Kredietbank and United Overseas Bank Limited. The total project cost is estimat
ed at US$111 million. Bumrungrad Hospital Public Company Limited, Thailand and National Medical Enterprises, Inc., USA, will co-manage the project as a joint venture. Both are well-established companies involved in hospital operations management. The Bumrungrad Medical Center, expected to begin operations in July 1996, will replace the 220-bed Bumrungrad Hospital, one of Bangkok's leading health-care centers, which is running close to capacity due to high demand for its services. "IFC's first major investment in a private hospital underscores the importance of attracting private financing to the health care sector in developing countries," said Varel Freeman, Director of IFC's Asia Department. "Private sector investment in this sector can free up government resources for other urgent health care priorities." IFC is a member of the World Bank Group and the largest source of multilateral financing for private sector projects in developing countries. (30)
|
