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Beijing, March 2, 2007
- IFC, the private sector arm of the World Bank Group, today signed a loan agreement with Shandong Weigao Group Medical Polymer Company Ltd, the leading manufacturer of single-use medical devices in China. The $20 million loan, IFC’s first transaction with Weigao, will help create greater domestic capability in the branded medical products sector, where China remains heavily reliant on imports. The project will allow Weigao to provide international quality goods to the domestic market at a competitive cost, improving access to medical products for millions of people.
Weigao will use IFC’s loan to launch its investment program, which will expand its existing production capacity across several product ranges, including disposal consumables (syringes, sterile infusion sets, blood bags, intravenous needles), orthopedics (spinal implants, trauma products, joints), blood purification products, and stents.
“IFC is delighted to be supporting Weigao’s expansion, and this project serves as a model for other Chinese companies in key industrial sectors,” said Richard Ranken, Director of IFC’s East Asia and Pacific Department. “Weigao is improving living standards by providing international quality products at competitive cost.”
Dimitris Tsitsiragos, Director of IFC’s Global Manufacturing and Services Department, added, “This project will bring important benefits on multiple fronts: it increases access to quality health supplies, it creates jobs, and it enhances the competitiveness of local industry.”
Chen Xueli, Chairman of Weigao Group, said, “As one of the leaders in China’s medical device sector, Weigao strives to be stronger and more competitive. We hope this will be a long and productive partnership.”
About IFC
IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries. IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products has committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, to accelerate private participation in infrastructure, to improve the business enabling environment, to increase access to finance, and to strengthen environmental and social sustainability. For more information, please visit
www.ifc.org
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About Weigao
Incorporated in the People’s Republic of China, Weigao is listed on the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited. The company is the leading manufacturer of single-use medical devices in China, with a nationwide sales network. Since its founding in 1988, Weigao’s main operation has been the manufacturing of medical consumable products. The company’s strategic objective for growth is to expand into more technologically advanced, branded medical products of world-class quality, while continuing to be the domestic leader in manufacturing single-use disposable medical products.
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