Beijing, China, November 28, 2001—
The International Finance Corporation has signed an agreement with Zibo Wanjie Radiation Co., Ltd. to provide a long-term loan of US$15 million to support the expansion and upgrade of cancer treatment facilities at the Wanjie Tumor Hospital. Located in Zibo, Shandong province, the private hospital specializes in treating cancer with advanced radiology techniques.
The hospital’s existing 300-bed facility will be increased by 200 beds, and may be further expanded by an additional 200 beds, if needed. As part of the project, a state-of-the-art tumor treatment system will be added. In addition to providing high quality cancer treatment and medical care, the expansion will also focus on aesthetics, patient comfort, and overall ambience. With IFC’s assistance, the hospital has entered into a strategic medical partnership with Canadian Advanced Medical Services International (CAMSI)¯a consortium of British Columbia hospitals¯to upgrade its overall operations and quality assurance procedures to become a world-class facility.
Canadian Advanced Medical Services International is a non-profit organization registered in British Columbia, Canada. It assists international clients such as Wanjie in improving healthcare systems and delivery. CAMSI is a consortium of the large teaching and specialty hospitals in Vancouver and Victoria, British Columbia and includes the University of British Columbia Faculty of Medicine. Together, this group represents the largest and most advanced healthcare expertise and resources in Western Canada.
The Wanjie hospital is wholly owned by the Wanjie Industrial Co. Ltd., a publicly-traded company on the Shanghai Stock Exchange and majority-owned by Wanjie Group, a privately-owned group. Wanjie Group is one of the 100 national experiment groups with diversified interests in such industries as textile fiber manufacturing, pharmaceuticals, medical care, and energy generation.
As part of its engagement, IFC hired an independent healthcare consultant and an oncologist to provide advice to the hospital on making immediate improvements to its physical appearance, medical practice, hospital information systems, organizational structure, and overall administration procedures. IFC also commissioned an independent fire safety consultant to recommend upgrades at the existing hospital to meet World Bank fire safety standards, which have already been implemented. In addition, a regional healthcare study was funded by the Government of Japan; also, a financial review and audit of the hospital was funded by IFC's technical assistance trust funds program.
IFC Chief Peter Woicke noted, “IFC’s financing of Wanjie Tumor Hospital supports the Chinese government’s efforts to open up healthcare to the private sector and to foreign investment. We hope that this project sets an example that can be emulated by other hospitals in China, resulting in an overall improvement in the efficiency and quality of healthcare in the country.”
Mr. Woicke added that IFC’s investment also fits in with the Corporation’s global efforts to support healthcare services in developing countries and emerging markets through strategic private sector investments. These investments are a key component of IFC’s overall strategy of fostering sustainable investments to strengthen the private sector.
IFC’s mission 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, and provides technical assistance and advice to governments and businesses. Since its founding in 1956, IFC has committed more than $31 billion of its own funds and arranged $20 billion in syndications for 2,636 companies in 140 developing countries. IFC's committed portfolio at the end of FY01 was $14.3 billion.
