Lagos, November 23, 2017– IFC announced that it recently committed
an equity investment of USD 8.5 million in Santa Clara Africa Limited,
to support the development of a 150-bed hospital and two 10-bed clinics
in Lagos, Nigeria. The project is promoted by AXA Mansard Plc, the Nigerian
subsidiary of AXA Group, who provided equity to the project alongside IFC,
the CAPE IV Fund, managed by African Capital Alliance and the hospital
operator, Healthshare Ltd, through its parent company EOH Holding Ltd.
The two clinics will create a strong referral system of patients to the
hospital. These three facilities together will provide the necessary economies
of scale to deliver better value for money in healthcare services. The
project is expected to provide healthcare at a price point that is below
that of comparable hospitals and clinics in the market.
Eme Essien Lore, Country Manager, IFC, Nigeria, said “with this investment,
IFC wants to contribute to increase the capacity of Nigeria’s healthcare
system to offer quality and affordable services.” She added “We will
look to scale up this efficient and integrated model nationwide”.
Nigeria’s healthcare sector remains underserved as demand - driven by
population growth, higher income levels, rapid urbanization, and a rise
of non-communicable diseases - continues to outstrip supply of quality
healthcare infrastructure. Diagnostic and primary care services are also
limited, and at varying qualities. As a result, Nigerians spend an estimated
US$1 billion annually on health services abroad.
The lack of secure access to affordable and good quality healthcare with
an appropriate service mix has also hampered the growth of health insurance
in Nigeria. The low levels of health insurance penetration, which currently
constitutes less than 10 percent of the population, contributes to the
high cost of healthcare in Nigeria. An increased availability of health
insurance schemes would not only provide sustainable access to health services
but also incentivize the service providers to adopt cost-effective models.
This is IFC’s second investment with the AXA Group in the health sector.
Earlier this year, IFC supported AXA’s insurance business in Egypt which
includes health insurance, also through an equity investment.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. Working
with more than 2,000 businesses worldwide, we use our capital, expertise,
and influence to create markets and opportunities in the toughest areas
of the world. In FY17, we delivered a record $19.3 billion in long-term
financing for developing countries, leveraging the power of the private
sector to help end poverty and boost shared prosperity. For more information,