Kampala, Uganda/Washington, D.C., June
24, 2010—IFC, a member of the World Bank Group, has signed agreements
with Ugandan health care provider Nakasero Hospital Ltd to increase access
to quality health care, create jobs for medical professionals, and introduce
new standards of clinical and patient care in the country.
IFC’s $3 million loan will enable the
company to complete construction of an 80-bed hospital and establish a
radiology department. IFC’s long-term loan is denominated in Ugandan shillings,
which will limit Nakasero Hospital’s exposure to foreign exchange risk.
This is IFC’s first Ugandan shilling loan commitment and its introduction
is expected to help develop the country’s long-term local currency swap
“There is tremendous potential for
private health care in Uganda and we are very happy to join forces with
IFC, whose experience and knowledge of the sector in emerging and developing
markets will facilitate our expansion,” said Professor Seggane Musisi,
Chair, Board of Directors, Nakasero Hospital.
Nakasero Hospital will offer professional
management and superior nursing care in a country where demand far exceeds
supply and many patients are referred to hospitals abroad for diagnosis
and treatment, while others remain untreated.
Guy Ellena, IFC Director for Health
and Education, said, “IFC looks forward to sharing industry knowledge
with Nakasero Hospital. The project is consistent with the IFC-World
Bank Health in Africa strategy, which supports investments in small and
midsize health providers and in centers of excellence to raise the quality
Jean Philippe Prosper, IFC Director
for Eastern and Southern Africa, said, “IFC will work with Nakasero Hospital
to promote best practice and increase access to quality health care. The
project also sends a positive signal to investors about the attractiveness
of financing private health projects in Uganda.”
IFC is the largest multilateral investor
in private health care in emerging markets and supports the growth of health
care in developing countries in a sustainable and socially responsible
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 capital for private enterprise, 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 Nakasero Hospital Ltd
Located in Kampala, Uganda and conceived
as a one-stop hospital to reduce the need for Ugandans to travel abroad
for medical care, Nakasero Hospital Ltd will provide emergency, ICU, imaging,
laboratory, gynecological, orthopedic, pediatric, psychiatric, and surgical
services. The hospital runs free eye clinics with Deseret International,
USA as part of its corporate social responsibility project for low-income
Ugandans that have a significant impact on the community, and expects to
also provide free specialist orthopedic and gynecological care.