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IFC, Med Life to Increase Access to Affordable Quality Health Care in Romania


In Washington, D.C.:
Ludi Joseph

Phone: (202) 473-7700

E-mail: ljoseph@ifc.org

Slobodan Brkic

Phone: +381 11 3023 750

E-mail:
sbrkic@ifc.org


Bucharest, Romania/Washington, D.C., July 20, 2010—IFC, a member of the World Bank Group, and Med Life S.A., a private health care provider in Romania, have signed agreements to finance the company’s expansion plans and bring affordable health care to Bucharest and underserved areas of the country.

Med Life—an existing portfolio client—will use IFC’s EUR10 million financing to increase access to higher quality health care in Bucharest and secondary cities in Romania; improve standards of delivery in terms of quality, safety, and ethics, including pricing and payment; and provide employment and training opportunities for local medical professionals.


Med Life values IFC's partnership in achieving our strategic goal of becoming the leading private health care provider in Romania,” said Mihail Marcu, Chairman, Med Life, S.A.  “IFC’s global experience and local knowledge of private health care in emerging and developing markets will facilitate our expansion.”


In October 2006, IFC’s EUR5 million loan and $5 million equity were used by Med Life to finance its early growth.
 
“This investment reflects a strategic IFC priority to support health care networks and providers that increase affordable health services in underserved areas,” said Guy Ellena, IFC Director for Health and Education. “It also supports a valuable portfolio client in the expansion of its network and leverages IFC's existing equity investment.”


Ana Maria Mihaescu, IFC Country Manager for Romania, said, “IFC's continued support to Med Life will provide a strong signal to the market in terms of the viability of the private health care sector in Romania.  It will also help raise ethical standards, transparency, and good governance.”


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 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 Med Life, S.A.

Med Life S.A. is a privately owned health care provider offering a range of medical services in Romania. The company operates the largest private hospital, Life Memorial Hospital; five hyperclinics or large clinics providing an extensive range of clinical services; five laboratories, three occupational health clinics, and three specialized clinics offering psychiatric, maternal, and physiotherapy services. Med Life also has the largest subscriber base in the country’s corporate health market with about 140,000 subscribers.  For more information, visit
www.medlife.ro/.