IFC invests $11 million to bolster healthcare in Pakistan

International Finance Corporation (IFC), a member of the World Bank Group, has provided $11.3 million in equity financing to Shifa International Hospitals Limited, one of Pakistan’s leading healthcare companies. The financing is designed to help improve medical services in the country and help meet the needs of its fast-growing population.

According to the United Nations, Pakistan ranks 126th, out of 188 countries, in the quality of its medical care. The financial support for Shifa involves IFC acquiring a 12 percent equity stake in the company. The financing will help Shifa expand its hospitals and clinics in Pakistan, providing increased access to high-quality, affordable care.

“In Asia and Africa, many countries simply cannot afford to invest as much as necessary in their healthcare systems,” said Nadeem Siddiqui, IFC’s country manager for Pakistan. “But private sector players, like Shifa, can help fill in the gaps, making life better for the people.”

Shifa International Hospitals Limited is a publicly listed company that currently operates one 600-bed tertiary care hospital, along with two smaller hospitals across Pakistan. Shifa employs over 4,700 staff and serves approximately 440,000 patients annually.

The financing is part of a larger effort by IFC to improve medical care in the world’s poorest countries. In 2017, IFC’s clients in the health sector cared for over 41 million patients.

Original source: IFC
Published on 05 August 2019