IFC’s Investment in Private Health Care in China to Help Increase Access to High-Quality Medical Services
IFC, a member of the World Bank Group, has partnered with Chindex International Inc. to expand high-quality health care services through United Family Hospitals and Clinics, a network of private hospitals and clinics in China.
IFC will provide $35 million in financing, including a secured loan facility of $25 million and common stock of $10 million, to fund part of United Family Hospitals’ $100 million expansion program, which includes building hospitals in Beijing and Guangzhou and a clinic in Guangzhou. In 2005, IFC provided a loan of 64.88 million Chinese renminbi (about $8 million) to help Chindex establish the Shanghai United Family Hospital.
Roberta Lipson, Founder and CEO of Chindex International Inc., said, “We are excited to expand our role in introducing new models of health care delivery to the evolving Chinese market. We are also pleased that, with IFC’s financing, we will be able to grow our network to meet increasing demand. IFC has been a valued partner for the past three years and, with its global expertise in the health sector, we look forward to having major success.”
Richard Ranken, IFC Director for East Asia and the Pacific, noted, “Through our support to United Family Hospitals, IFC is very pleased to help increase access to high-quality medical care for Chinese citizens. We hope this project will also become a model that can be emulated by other institutions in China.”
Guy Ellena, IFC Director for Health and Education, added, “This project is in line with IFC’s strategy to support investments in China’s health sector and work with strong sponsors to bring high-quality medical services to more locations in China. It also demonstrates our commitment to social sector development.”
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through loan participations and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.
About Chindex and United Family Hospitals
Chindex is an American health care company that provides health care services and supplies medical capital equipment, instrumentation, and products to the Chinese marketplace, including Hong Kong. It provides health care services through the operations of its United Family Hospitals and Clinics, a network of private primary care hospitals and affiliated ambulatory clinics in China. The company’s hospital network currently operates five facilities in the Beijing and Shanghai metropolitan areas. With 25 years of experience, more than 1,000 employees, and operations in China, Hong Kong, the United States, and Germany, the company’s strategy is to expand its cross-cultural reach by providing leading edge health care technologies, quality products and services to Greater China’s professional communities. Further company information may be found at http://www.chindex.com and http://www.unitedfamilyhospitals.com.
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