IFC expands investment in Africa’s healthcare

27 Jan 2016
Chibuike Oguh

Summary

IFC said its investment would help CHL acquire and operate a chain of high-quality hospitals across sub-Saharan Africa.

Ethiopis Tafara, Vice President for Corporate Risk and Sustainability and the General Counsel

The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has invested $6.75 million in Mauritius-based CIEL Healthcare Limited (CHL).

In a press statement released on Wednesday, the IFC said its investment would help CHL acquire and operate a chain of high-quality hospitals across sub-Saharan Africa, reaching an additional 150,000 patients per year.

CHL owns a network of hospitals in Uganda through its acquisition of International Medical Group (IMG) in July 2015. Aside from IMG, CHL has invested in Mauritius-based Fortis Clinique Darne and Nigeria’s Hygeia Nigeria Limited, which owns several Lagoon Hospitals in Lagos. CHL is also working with Fortis Healthcare, one of India’s largest integrated healthcare networks, to instill international best practices, bring cost efficiencies, and develop medical specialties in all its hospitals in Africa, the statement said.

“IFC’s investment in CIEL Healthcare will help build an integrated network of hospitals in Africa, which offer reliable services at consistent costs,” said Oumar Seydi, IFC’s Director for Eastern and Southern Africa. “By partnering with India’s Fortis Healthcare, CHL can ensure that health care in Africa keeps up with international in medical technology.”  

IFC is one of the world’s largest investors in private healthcare, with a portfolio of about $1.3 billion worth of health investments in service providers, pharmaceuticals and medical technology, etc.

“IFC’s investment in CHL helps us consolidate our capital base to further expand our healthcare network in Africa, which will in turn provide access to high-quality medical care to patients in Africa,” said Alex Alexander, Managing Director of CIEL Healthcare Africa. “Our aim is to bring in best medical practices and technological innovation, along with our partner Fortis Healthcare.”

Chibuike Oguh is Financial Nigeria's Frontier Markets Analyst


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