The International Finance Corporation (IFC), a member of the World Bank Group, is considering a proposal to provide a $14-million loan to Pakistan-based Shifa International Hospitals Limited in an effort to boost its expansion in the domestic market and internationally.
According to a disclosure, IFC has proposed to take up to 12 per cent equity in the company. Its loan will partially fund Shifa International Hospitals’ planned expansion in Pakistan and Tanzania.
“This Project will extend access to quality affordable healthcare to patients and address gaps in health service provision witnessed in Pakistan and Tanzania,” IFC said in a disclosure.
Established in 1987, Shifa International Hospitals is a Pakistan exchange-listed company that operates medical centres and hospitals in Pakistan. It offers services such as medical, surgical, clinical, external pharmacy and lab services including a quaternary care hospital in Islamabad and two smaller hospitals in Islamabad and Faisalabad.
The company is planning an extension of its existing H-8 Hospital in Islamabad, a 51-bed hospital that includes a new radiology facility.
Other new investments planned by the company are a new 250-bed, multi-specialty hospital in Faisalabad; an outpatient diagnostic and day surgery centre in Islamabad; and a multi-specialty hospital in Dar es Salaam, Tanzania.
The total project cost of the investments is estimated at $81 million.
“The Project will lead to better quality provision than is typically available in the market as both countries face underinvestment in adequate clinical infrastructure along with low quality and limited outreach of public sector healthcare,” IFC said.
Shifa’s top three shareholders are Tameer-e-Millat Foundation from Pakistan, with a 14.24 per cent stake, Kulsoom Zaheer Ahmed (9.88 per cent) and Mathews Emerging Asia Fund (5.01 per cent).