IFC, IMG partner to support access to healthcare in Uganda
IFC, a member of the World Bank Group, announced a loan to International Medical Group (IMG) to strengthen services at the healthcare provider’s Ugandan hospital and clinics, allowing them to continue to deliver quality medical care, including free services, to hundreds of thousands of patients in the country.
The $4 million equivalent local currency Ugandan shillings loan, part of IFC’s global $8 billion fast-track COVID-19 facility, will help ensure that IMG meets patients’ needs during and after COVID-19, including by providing subsidized medical aid to low-income communities through IMG’s foundation, the International Medical Foundation.
A subsidiary of CIEL Healthcare, IMG runs the International Hospital Kampala and 17 clinics across Uganda, serving over 300,000 patients annually in the country. IMG offers outpatient and inpatient services ranging from vaccination, optical, dental, and laboratory services to chronic disease care.
Hélène Echevin, CEO, CIEL Healthcare, said, “IFC’s loan is a relief to IMG, especially during this pandemic when companies count on long-term capital to meet company cash flow realities in light of the present context.”
Manuel Moses, IFC Country Manager for Uganda, said, “Our partnership with IMG will help ensure patients in Uganda can continue to access quality healthcare services during the COVID-19 pandemic. IFC’s support for critical sectors like health is part of our strategy to protect the flow of goods and services in Africa and elsewhere as businesses and individuals grapple with the fallout of COVID-19.”
IFC’s loan is supported by the International Development Association’s Private Sector Window (IDA PSW) Local Currency Facility, which will allow IFC to provide a long-term local currency financing to IMG.
Borrowing in local Ugandan shillings will help IMG avoid the risk of foreign exchange fluctuations. The loan is from IFC’s fast-track COVID-19 facility, announced in March 2020 to support businesses and preserve jobs in emerging markets worldwide during this period of economic uncertainty.
IFC has an active portfolio of $2 billion in healthcare companies in emerging markets globally. IFC’s investments and advisory services foster best practice in healthcare and life sciences, promote the deployment of innovative technologies, and advance quality care. Between July 2018 and June 2019, IFC health sector clients cared for 7.4 million patients in Sub-Saharan Africa.
