WASHINGTON, D.C., May 6, 1998 -- The International Finance has signed an agreement to invest US$590,000 in MedCen Samoa Holdings Ltd. (MedCen) to build, outfit and operate a 21-bed medical clinic, Samoa’s first private medical facility.
The clinic for short-term hospitalizations, is located in Apia, Samoa, and is wholly owned by local shareholders. It will provide diagnostic and therapeutic services in uncomplicated medical and surgical cases for obstetric and pediatric patients. It will also include an after-hours medical facility, medical laboratory, x-ray, and ultrasound services; as well as providing community outreach services.
The investment was made through IFC’s Pacific Islands Investment Facility (PIIF), a facility established in 1995 to provide financing for small and medium enterprises in the Pacific Island countries. PIIF was set up as a risk capital facility to invest quasi-equity capital in small projects of US$500,000 to US$5 million. It also assists investors in mobilizing financing from local sources. PIIF invests in projects that are commercially viable, have a positive effect on development and are based in IFC's 10 member countries in the Pacific islands -- Fiji, Federated States of Micronesia, Kiribati, Marshall Islands, Papua New Guinea, Palau, Samoa, Solomon Islands, Tonga and Vanuatu.
Another IFC managed initiative, the South Pacific Project Facility -- funded by the Governments of Australia, Japan, New Zealand, Fiji, Kiribati and Samoa along with IFC and the Asian Development Bank -- provided technical assistance and advisory services to MedCen. SPPF provides assistance to small and medium enterprises to evaluate and structure investment opportunities, prepare business plans, and obtain project financing. Burns Bridge Pty Limited, a specialist Australian company, is providing additional technical assistance with funding support from the Australian Government.
IFC, part of the World Bank Group, fosters economic growth in the developing world by financing private sector investments, mobilizing capital in the international financial markets, and providing technical assistance and advice to governments and businesses.
