Washington, D.C./Tuzla, Bosnia and Herzegovina,
July 9, 2008—IFC, a member of the World Bank Group, is partnering
with BH Heart Center to expand access to high-quality and affordable cardiovascular
health services in Bosnia and Herzegovina, through a public-private-partnership
with the country’s Federation Health Insurance and Reinsurance Fund. Contracts
with other national and regional insurance funds are anticipated.
The demand for cardiac care in Bosnia and Herzegovina outweighs supply
and is expected to grow, given the aging population and the increasing
prevalence of lifestyle-related diseases. As the first private hospital
in the country, the BH Heart Center will be a pioneer. In addition to improving
access to health care, it will help establish quality benchmarks for the
delivery of services and raise local clinical and patient care standards.
The hospital will have 88 beds and offer cardiology and cardiovascular
surgery services. IFC’s €4.1 million loan will be used to partially
finance the construction of the hospital in Tuzla.
Dr. Emir Kabil, cofounder and Chief Executive Officer of BH Heart Center,
said, “This project marks an important moment in the post-conflict history
of our country by expanding access to high-quality and sustainable health
services for the Bosnian people.”
Dr. Jacob Bergsland, cofounder and Chief Medical Director of BH Heart Center,
said, “By entering into a long-term strategic partnership with IFC, which
has broad experience in financing international private health care projects,
the BH Heart Center can manage its growth more effectively in Bosnia and
Herzegovina and eventually throughout the Balkan region.”
Dr. Ibrahim Terzic, cofounder and Chief of Cardiology at BH Heart Center,
said, “The new center will offer the population of Bosnia and Herzegovina
access to all aspects of cardiovascular care, including prevention and
medical therapy as well as the most modern interventional and surgical
treatment methods.”
Guy Ellena, IFC Director for Health and Education, said, “IFC is proud
to partner with a strong client to bring the first private hospital to
Bosnia and Herzegovina. This will increase job and training opportunities
for medical and managerial staff, helping stem the emigration of skilled
workers.”
Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia, said,
“This project aligns perfectly with IFC’s strategy to increase investments
in key social infrastructure in post-conflict countries. It may also encourage
other investors to participate in the country’s health sector.”
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth
in developing countries by financing private sector investment, mobilizing
private capital in local and international financial markets, and providing
advisory and risk mitigation services to businesses and governments. IFC’s
vision is that poor people should have the opportunity to escape poverty
and improve their lives. In FY07, IFC committed $8.2 billion and mobilized
an additional $3.9 billion through syndications and structured finance
for 299 investments in 69 developing countries. IFC also provided advisory
services in 97 countries.
About the BH Heart Center
The BH Heart Center, a full-service specialist hospital providing cardiovascular
services, is located in the Tuzla Canton of Bosnia and Herzegovina. It
is the country’s first private health care institution. By cooperating
closely with insurance funds and public sector hospitals, the local population
will be assured fair access to high-quality treatment of cardiovascular
diseases. The BH Heart Center will also serve patients from neighboring
countries and territories that do not have their own cardiovascular clinics.
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