Manila, July 24, 2003
—The International Finance Corporation (IFC), the private sector arm of the World Bank Group, today signed an agreement to extend a $1 million loan to the Asian Eye Institute. The financing is part of IFC’s ongoing efforts to help private companies meet the increasing demand for high-quality health care services in the Philippines.
Established in September 2001, AEI is the first comprehensive eye care ambulatory center in the Philippines providing a complete range of services for diagnosis and management of eye diseases. Facilities are state-of-the-art. The world-class medical team is composed of Filipino doctors trained at the Massachusetts Eye and Ear Infirmary, a Harvard University-affiliated teaching hospital. President and Medical Director Dr. Felipe Tolentino is an associate clinical professor at Harvard.
“AEI aims to become the premier eye institute in Asia and so we are proud to have IFC as a partner in this effort,” said AEI Chairman and CEO Oscar M. Lopez.
“Health in the developing world, including the Philippines, remains a sector where financial institutions are reluctant to invest. IFC’s role is to offer long-term financing that is not easy for health sector projects to acquire,” said IFC Vice-President Farida Khambata, who visited the facility in Manila today. Ms. Khambata added, “By playing a lead role, IFC demonstrates to other financial institutions that private investment is commercially viable in innovative health care institutions that take on training, research and social responsibilities in addition to providing clinical services.”
AEI’s main sponsor is the Lopez Group, a major conglomerate in the Philippines with interests in media, telecommunications, power, infrastructure and real estate. Others supporting the venture are the Yuchengco, Philamlife, Sumitomo, Shell, Rustan and Ayala Groups, as well as several individual business leaders.
IFC has been active in the Philippines for over 25 years, with commitments of $1.1 billion for its own account and nearly $700 million in loan syndications. IFC has financed 70 projects in sectors as diverse as energy, infrastructure, financial markets, agribusiness, health care, manufacturing and tourism.
The mission of IFC is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY02, IFC has committed more than $34 billion of its own funds and arranged $21 billion in syndications for 2,825 companies in 140 developing countries. IFC's worldwide committed portfolio as of FY02 was $15.1 billion for its own account and $6.5 billion held for participants in loan syndications.
