Washington D.C./Dubai, January 28, 2009—IFC, a member of the World Bank Group, is investing $4.5 million in Afghanistan’s ACOMET Family Hospital to expand access to high-quality health care and medical training in Kabul. The loan signing took place in Dubai during the Arab Health Congress 2009.  

ACOMET is a greenfield hospital and training center that is wholly owned by Dr. Nayeem Azim and Dr. Khoshhal Azeemi. IFC’s loan will enable ACOMET to acquire medical equipment and become fully operational. Its services will include family medicine, cardiology, dermatology, laboratory, and pharmacy. This will provide Afghans with access to affordable, first-rate medical services locally.

“IFC’s support sends a strong signal to foreign investors that it is possible to finance projects in Afghanistan, despite perceptions of high risk and a challenging business environment,” said Dr. Azim, who left Afghanistan as a refugee in 1993 and returned 10 years later to work on the hospital.

When completed, the facilities will include 36 inpatient beds, an outpatient clinic, and an on-site training facility for diplomas in family medicine and internships for medical students.

Guy Ellena, IFC Director for Health and Education, said, “We are pleased to work with a partner who is committed to creating a center for medical excellence, providing high-quality health care, and operating a professional and transparent business.”

Michael Essex, IFC Director for the Middle East and North Africa, said, “This project demonstrates IFC’s commitment to social infrastructure development in frontier markets.  ACOMET will bring much-needed private health care services to Afghanistan.”

IFC’s investment portfolio in Afghanistan totals $62 million in eight companies, including founding equity investments in two microfinance institutions. IFC’s advisory activities complement its investments through various capacity-building interventions with these two institutions and helping the government establish regulatory frameworks for leasing and housing sector lending. IFC is also building practical business skills of local entrepreneurs, supporting small and medium enterprises in such sectors as agribusiness, and enhancing the capacity of financial institutions in microfinance and small-enterprise lending.

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 private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit www.ifc.org.