IFC proposes $14m debt package for Pakistan’s Shifa hospitals

IFC/World Bank HQ. Photo: IFC

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).

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.