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
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
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.