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The International Finance Corporation (IFC) has announced that it has invested $4.5 million in Medical Credit Fund (MCF), a non-profit health investment fund, to increase access to quality healthcare in Africa, according to a statement on Monday.

The Washington D.C.-based lender said its investment is part of a $40 million financing package provided by a consortium of investors. The investment package is designed to help MCF increase access to funding for private healthcare SMEs in Africa.

Apart from IFC, other investors include the CDC Group, the United Kingdom’s development finance institution; the US Overseas Private Investment Corporation; the French Development Agency (AFD); the Calvert Foundation, and other private investors.

“The lack of adequate healthcare services poses a significant impediment to development of human capital across Africa,” said Mary-Jean Moyo, IFC’s Regional Industry Head for Manufacturing, Agribusiness, and Services in Sub-Saharan Africa. “IFC’s funding to MCF will support the expansion of an integrated product that not only brings a lasting development impact but also further opens up the healthcare SME lending space, catalyzing the commercial banking industry.”

The MCF has developed an extensive training programme to improve both business and clinical performance for healthcare SMEs, using internationally accredited SafeCare standards. The fund’s integrated approach has led to significant improvements at over 70 percent of the funded facilities.   

Founded in 2009 by PharmaAccess International, MCF helps private healthcare facilities in Africa obtain capital to strengthen and upgrade their operations in order to enhance access to affordable quality healthcare on the continent.

“This new support from some of the world’s most valued development finance institutions as well as three private investors is another important step in working towards inclusive healthcare, building on the strong foundation established with our existing public and private donors and investors,” said Arjan Poels, MCF’s Managing Director. “This new financing round will significantly catalyze our efforts to improve access to finance for the private sector in Africa, and we look forward to accelerating our impact together.”