IFC and Lenmed Hospital Group Partner to Expand Access to Quality Healthcare in Southern Africa

As part of the collaboration, IFC will extend a local currency, R200 million senior loan to Lenmed, aimed at facilitating the expansion of healthcare services over the next four years.


Devdiscourse News Desk | Johannesburg | Updated: 11-06-2024 13:54 IST | Created: 11-06-2024 13:54 IST
IFC and Lenmed Hospital Group Partner to Expand Access to Quality Healthcare in Southern Africa
Health Department Image Credit:

The International Finance Corporation (IFC) and Lenmed Hospital Group (Lenmed) have announced a partnership to enhance access to quality healthcare, particularly in underserved communities across South Africa, Botswana, Ghana, and Mozambique.

As part of the collaboration, IFC will extend a local currency, R200 million senior loan to Lenmed, aimed at facilitating the expansion of healthcare services over the next four years. This expansion plan includes acquiring new facilities, procuring medical equipment, and recruiting and training additional medical personnel. Lenmed also intends to augment its hospital bed capacity from 2,318 to nearly 3,000.

IFC's loan is part of a larger syndicated loan package, totaling R2.5 billion, involving three other South African lenders—Rand Merchant Bank, Ashburton Asset Managers, and ABSA Bank. The combined financing will not only support Lenmed's expansion into other African countries but also assist in meeting the company's refinancing and working capital needs.

Beyond financing, IFC will collaborate with Lenmed to enhance its environmental and social standards, ensuring sustainability across its operations.

Amil Devchand, CEO of Lenmed, expressed enthusiasm about the partnership, highlighting its significance in bolstering the Group's growth strategy while fulfilling its core mission of fostering healthier and more prosperous communities across Africa.

Cláudia Conceição, IFC's Regional Director for Southern Africa, emphasized the investment's potential to enhance healthcare accessibility in South Africa and beyond, bridging the gap between demand and services. She underscored IFC's role in complementing public healthcare efforts by leveraging private sector funding and expertise.

Lenmed offers acute healthcare services catering to various income groups, encompassing trauma care, cardiac services, paediatric care, maternal care, acute and emergency care, cancer treatment, orthopaedics, and neurosurgery.

 
 
Give Feedback