Saturday, August 27, 2011

Asiri Hospitals receive USD 20Mn from IFC

Asiri Hospitals that are part of the Softlogic Group have received USD 20Mn by way of a long term financing arrangement from IFC, a member of the World Bank Group.

The transaction includes the main hospitals of the Group; Asiri Hospital, Asiri Surgical Hospital and the new Central Hospital, as Co-Borrowers. The major part of the loan amounting to USD 11.4Mn will be taken up by the spanking new Central Hospital that will comfortably enable the newest venture within the Asiri Hospitals cluster to develop and achieve full potential. The loan has been structured as long term, to be repaid in ten years, that includes a grace period of two years.

The financial structure of the hospitals group will gain significantly from the deal due to the extended tenor and anticipated interest cost savings. Expert technical advisory will also be made available by IFC. Commenting on the transaction, Chairman / Managing Director, Asiri Hospitals, Ashok Pathirage commented that “We believe in building and maintaining the best healthcare institutions in the country, and our partnership with IFC enables us to completely focus on our business knowing that key financing aspects have been well structured in line with requirements.”

Considered to be the most modern multi-specialty general hospital in Colombo, the Central has 272 beds and 12 operating theatres. It has a 24 hour accident and emergency service apart from many other firsts in the private healthcare sector of Sri Lanka. The main feature among many others is the first specialized unit within the country’s private sector for neurosurgeries and neuro trauma, and a specialized intensive care unit for the same. It has the most technologically advanced neurosurgical unit in the Country, with a state-of-the-art neuro navigator for most precise surgical procedures.

Anita George, IFC’s Regional Industry Director - Asia, Infrastructure, and Natural Resources, said, “IFC’s partnership with Asiri Hospitals is helping to provide affordable high-quality health care in Sri Lanka, create jobs, and provide training for medical professionals. It will demonstrate best practices of private health care delivery in the country and become an example for other private sector investors in this critical sector.”

The Central also has a specialized Gynecology and Obstetrics unit with a neonatal ICU. In addition it has a pediatrics unit, an eye unit, a haemo-dialysis unit, a dental care unit, and a physiotherapy and post surgical rehabilitation facility. The hospital has more than 250 Consultants visiting from all specialties and super specialties in medicine and surgery. The hospital’s advanced radiology facilities include MRI, CT Scan, mammography, ultrasonography and digital x-ray. It has a fully fledged pathological laboratory with full histo-pathological services and flowcytometry and is run as part of renowned Asiri Laboratories that has more than 65% of market share island-wide.

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