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
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.”
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/.