IFC, Med Life to Increase Access to Affordable Quality Health Care in Romania
In Washington, D.C.:
Ludi Joseph
Phone: (202) 473-7700
E-mail: ljoseph@ifc.org
Slobodan Brkic
Phone: +381 11 3023 750
E-mail: sbrkic@ifc.org
Bucharest, Romania/Washington, D.C., July 20, 2010€”IFC, a member of the World
Bank Group, and Med Life S.A., a private health care provider in Romania, have
signed agreements to finance the company€™s expansion plans and bring
affordable health care to Bucharest and underserved areas of the country.
Med Life€”an existing portfolio client€”will use IFC€™s EUR10 million
financing to increase access to higher quality health care in Bucharest and
secondary cities in Romania; improve standards of delivery in terms of quality,
safety, and ethics, including pricing and payment; and provide employment and
training opportunities for local medical professionals.
Med Life values IFC's partnership in achieving our strategic goal of becoming
the leading private health care provider in Romania,€ said Mihail Marcu,
Chairman, Med Life, S.A. €œIFC€™s global experience and local knowledge of
private health care in emerging and developing markets will facilitate our
expansion.€
In October 2006, IFC€™s EUR5 million loan and $5 million equity were used by
Med Life to finance its early growth.
€œThis investment reflects a strategic IFC priority to support health care
networks and providers that increase affordable health services in underserved
areas,€ said Guy Ellena, IFC Director for Health and Education. €œIt also
supports a valuable portfolio client in the expansion of its network and
leverages IFC's existing equity investment.€
Ana Maria Mihaescu, IFC Country Manager for Romania, said, €œIFC's continued
support to Med Life will provide a strong signal to the market in terms of the
viability of the private health care sector in Romania. It will also help
raise ethical standards, transparency, and good governance.€
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
capital for private enterprise, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $14.5
billion in fiscal 2009, helping channel capital into developing countries
during the financial crisis. For more information, visit www.ifc.org.
About Med Life, S.A.
Med Life S.A. is a privately owned health care provider offering a range of
medical services in Romania. The company operates the largest private hospital,
Life Memorial Hospital; five hyperclinics or large clinics providing an
extensive range of clinical services; five laboratories, three occupational
health clinics, and three specialized clinics offering psychiatric, maternal,
and physiotherapy services. Med Life also has the largest subscriber base in
the country€™s corporate health market with about 140,000 subscribers. For
more information, visit www.medlife.ro/.
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