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Shanghai/Washington D.C., November 10, 2006 —
The International Finance Corporation, the private sector arm of the World Bank Group, will contribute to the development of China’s healthcare sector through a local currency loan of RMB 64 million (equivalent to $8.1 million) to Aier Eye Hospital Group, one of China’s most innovative private health care providers. IFC’s financing will support expansion of the group’s hospitals, increase access to high-quality medical care, and demonstrate best practice to the medical community.
The Aier Eye Hospital Group, headquartered in Changsha, Hunan Province, is China’s largest eye care network. The group was founded in 1997 when it began establishing eye care centers in hospitals. Aier has expanded into a network of 12 full-service eye hospitals and two eye research institutes in major cities, including Shanghai, Wuhan, Changsha, Chengdu, Shenyang, Hefei and Chongqing.
“IFC’s support for Aier Hospital is part of our effort to help companies expand access to patient care services in China that meet international standards,” said Guy Ellena, IFC’s Director for Health and Education. “We expect Aier to continue programs that have established new benchmarks of medical excellence and outstanding quality of patient care.”
“This project demonstrates IFC’s commitment to social sector development in China,” noted Richard Ranken, IFC’s Director for East Asia and the Pacific. “By providing long-term, local currency financing, we are helping develop a market for the financing of private health care facilities.”
Li Li, CEO of Aier Hospital, said, “As an international financial institution, IFC is known for its rigorous and comprehensive appraisal system and strict standards. We believe that our strategic relationship with IFC will further strengthen Aier and help us become an eye care network that meets international standards."
In addition to providing high-quality care, Aier forges links with local communities by carrying out education campaigns, free eye testing in schools, free eye exams in rural areas, and free or discounted surgeries for disadvantaged people. Aier also has training and research relationships with several public universities, including Zhongshan University, Donghua University, and Zhongnan University in central China, as well as with the Ministry of Health’s Optometry Research Center.
IFC’s loan will be funded by part of the proceeds from the second tranche of IFC’s RMB bond (Panda Bond II) to be issued in November 2006.
About IFC
The International Finance Corporation, the private sector arm of the World Bank Group, is the largest multilateral provider of financing for private enterprise in developing countries. IFC finances private sector investments, mobilizes capital in international financial markets, facilitates trade, helps clients improve social and environmental sustainability, and provides technical assistance and advice to businesses and governments. From its founding in 1956 through FY06, IFC has committed more than $56 billion of its own funds for private sector investments in the developing world and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. With the support of funding from donors, it has also provided more than $1 billion in technical assistance and advisory services. For more information, visit
www.ifc.org
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