IFC, Life Healthcare to expand health coverage

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PR Newswire | 11 Jun, 2010
JOHANNESBURG (South Africa): IFC, a member of the World Bank Group, is joining forces with leading South African health care provider Life Healthcare Group Limited. This strategic partnership will encourage investment between emerging market countries and help transfer South Africa's world class hospital management expertise.

The partnership involves IFC acquiring a 5 percent equity stake in Life Healthcare for approximately $93.1 million and the joint financing of a special purpose vehicle (subsidiary company) to be created by Life Healthcare to support its international expansion.

"We are delighted to embark on a partnership with IFC, whose global experience and local knowledge of private health care in emerging and developing markets will help facilitate our overseas expansion," said Michael Flemming, Managing Director, Life Healthcare Group Limited.

IFC Director for Health and Education, Guy Ellena said, "IFC looks forward to sharing industry knowledge and introducing Life Healthcare to potential emerging market partners, reflecting a strategic IFC priority to support the growth of health care networks and providers that work across countries and regions to reach lower-income groups."

Jean Philippe Prosper, IFC Director for Eastern and Southern Africa, said, "IFC will work with Life Healthcare to help it expand its reach and services across Africa and other emerging markets, promoting best practices across the industry and increasing access to health care for people that need it the most."

IFC is the largest multilateral investor in private health care in emerging markets, and supports the growth of health care in developing countries in a sustainable and socially responsible way.

About IFC:
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit www.ifc.org.

About Life Healthcare Group Limited:
Life Healthcare is a leading private hospital operator in South Africa with more than 25 years experience operating private hospitals and 27 percent of the private hospital bed market. Its primary business is acute private hospital care with 62 facilities and more than 8,100 beds in South Africa and Botswana. It also owns Life Esidimeni, the country's largest public-private partnership with over 4,000 beds and is a leading provider of contracted on-site occupational and primary care services.