Georgia Healthcare Group (IFC-37824)

Countries
  • Georgia
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 27, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
GEORGIA HEALTHCARE GROUP JSC
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 199.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 8, 2017

Disclosed by Bank Apr 20, 2016


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Project Description
This project finances JSC Medical Corporation EVEX's investment program over the next two years. This includes: i) renovation of two recently acquired referral hospitals located in Tbilisi; ii) expansion plan of ambulatory clinics that includes 12 large ambulatory clinics, 15 small clinics in Tbilisi and towns across the country, and a diagnostic laboratory in Tbilisi; iii) one potential acquisition of a healthcare facility; (iv) introduction of new services in existing hospitals; and iv) acquisition of minority interests in its subsidiaries
Investment Description
  • International Finance Corporation (IFC)
The project sponsor is JSC Georgia Healthcare Group (GHG) which owns 100 percent of Evex. GHG, is owned 65 percent by Bank of Georgia Holdings PLC (BoG) with the remaining 35 percent listed in London Stock Exchange since November 2015. GHG comprises two companies which are market leaders in their respective sectors: Evex and Imedi L Medical Insurance.
Contact Information
Contact Person: Irakli Gogia Company Name: JSC Medical Corporation EVEX Address: 40 Vazha Pshavela Ave., Email: mailto:irakligogia@ghg.com.ge Phone: +995 599 002 244 ACCOUNTABILITY MECHANISM OF IFC/MIGA The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/