Washington D.C./Beijing, China, March 15, 2010
—IFC, a member of the World Bank Group, is providing $25 million in financing to Singapore-based Healthway Medical Corporation Ltd. to help widen access to high-quality medical care in underserved areas of China and set standards in health management and patient-care practices for the local health community.
IFC’s $25 million financing, comprising a $15 million senior loan and equity of $10 million, will be used to expand Healthway’s operations by setting up a network of primary and ambulatory facilities in districts of Shanghai. After establishing a presence in Shanghai, the project will expand to neighboring provinces and interior regions whose populations do not have access to affordable quality care. Healthway also is considering other local health sector investments, including secondary hospitals, and maternity and elderly care centers.
“We are delighted to have IFC as a strategic investor and value its knowledge of private health care in emerging markets,” said Fan Kow Hin, Healthway’s Executive Chairman. “Partnering with IFC will strengthen our expansion in China and help us deliver medical services where they are most needed.”
Guy Ellena, IFC Director for Health and Education, said, “We support Healthway’s strategy to expand its operations in China, especially in the frontier regions in the longer term. IFC will share its global knowledge acquired from investments in emerging market health networks to help the company increase access and move down-market to lower-income households.”
Karin Finkelston, IFC Director for East Asia, said, "IFC is very pleased to work with Healthway in a partnership that will not only provide health services to more patients in China but also create employment opportunities for medical professionals. We expect that Healthway will treat over 300,000 patients each year and create over 500 skilled jobs over the next few years."
IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD
,
it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by enhancing health care in China.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
About Healthway Medical Corporation Ltd.
Healthway Medical Corporation Ltd. is Singapore’s largest network of private medical centers and clinics offering primary health care, dental, aesthetics, and specialist services. The company operates over 90 facilities in Singapore as well as a polyclinic and medical center in China. It is listed on the Stock Exchange of Singapore. For more information, visit
www.healthwaymedical.com
.
