Washington D.C., October 12, 2005—
The International Finance Corporation, the private sector arm of the World Bank Group, has agreed to provide a RMB 64.88 million loan to support Chindex International’s United Family Hospitals and Clinics (UFH), a leading Chinese hospital group with facilities in Beijing and Shanghai. The project supports an innovative private sector heath care provider that requires local currency financing, and contributes to the development of the health care sector in China.
IFC funds will be used for medical equipment and facilities upgrades at UFH network’s newly opened Shanghai hospital, its flagship hospital in Beijing, and an out-patient clinic in downtown Beijing. The group will also launch a medical training program to teach the latest in international standard patient care to nurses from both the public and private sector.
“IFC’s support for United Family Hospitals and Clinics is part of our ongoing effort to help private companies expand the access to international standards of high-level patient-centered health care services in China,” said IFC Director of Health and Education, Guy Ellena. “We expect United Family Hospitals to continue programs that have established new benchmarks of medical excellence and outstanding quality of patient care in China.”
“IFC’s investment in United Family Hospital shows our commitment to social sector development in China,” said IFC Director for East Asia and the Pacific Javed Hamid, “By providing long-term, local currency financing we are helping to develop a market for the financing of health care facilities, which tend to be long term efforts with revenues in the local currency.”
The UFH hospital network was established in 1997 to bring an unprecedented level of healthcare provision to mainland China. It has been instrumental in introducing a model of patient-centered, healthcare management and service. Its two general hospitals are similar to that of a Western “community” or “family” hospital, offering a standard range of general inpatient services; outpatient consultations, ER and primary care. They are organized as separate legal entities. Each is a foreign-Sino joint venture majority owned directly by Chindex International, Inc. (CHDX), a US NASDAQ listed company founded in 1981.
Roberta Lipson, CEO of Chindex International, Inc. and Chairman of the Board of Directors of United Family Hospitals, said, “We are honored to partner with IFC in long term development programs for our hospital network. We believe that our United Family Hospital model provides leading edge patient services and the finest hospital management services available in China today. Our educational programs in nursing and other areas of care delivery have been recognized for their excellence by the Chinese healthcare authorities. With IFC’s help to provide financing for our continuing expansion of services and facilities we see continued growth of the hospital network”
Chindex International Inc. is an American company operating in several healthcare sectors of the Chinese marketplace, including Hong Kong. It provides healthcare services through the operations of its United Family Hospital network of private hospitals operating in the Beijing and Shanghai. It also provides representative and distribution services to a number of major multinational companies including Siemens AG (ultrasound systems) and Guidant (interventional cardiology products including stents, balloon catheters and guide wires). Its distribution channels to the retail pharmacy industry in China have been developed through a relationship with a major multinational cosmetics manufacturer. With twenty-four years of experience, over 1,000 employees, and operations in the United States, China and Hong Kong, the Company’s strategy is to expand its cross-cultural reach by providing leading edge technologies, quality products and services to Greater China's professional communities. Further company information may be found at the Company’s websites,
www.chindex.com
and
www.unitedfamilyhospitals.com
.
Since 1985, IFC has invested more than $2 billion in 100 private sector companies in China.
The International Finance Corporation, the private sector arm of the World Bank Group, promotes sustainable private sector investment in developing and transition countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. Its 178 member countries provide its share capital and collectively determine its policies.
From its founding in 1956 through FY05, IFC has committed more than $49 billion of its own funds and arranged $24 billion in syndications for 3,319 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY05 was $19.3 billion for its own account and $5.3 billion held for participants in loan syndications.
