MedLife IV (IFC-37926)

Countries
  • Romania
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
Approved
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
Aug 23, 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
MEDLIFE SA
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
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)
$ 11.11 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)
$ 35.91 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 29, 2017

Disclosed by Bank Mar 18, 2016


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Project Description
The IFC investment consists of an A-loan of up to EUR13.6 million to MedLife to support its EUR55million 2015-17 expansion plan (the "project") in Romania which includes; (i) expanding operations within Romania, including new acquisitions in Bucharest, Craiova, Timisoara and Oradea; and (ii) broadening its health services offering both by acquisition and by new asset construction. MedLife is a health care provider chain in Romania with 13 multidisciplinary clinics, 10 monodisciplinary clinics, 8 medical laboratories, 6 multi and monodisciplinary hospitals, 3 maternity hospitals and 11 pharmacies located in several cities in Romania, but mainly in Romania's capital, Bucharest.
Investment Description
  • International Finance Corporation (IFC)
The Marcu family, with extensive experience in the health care sector in Romania, founded MedLife and remain the Company’s controlling shareholders. All three family members - Dr. Mihaela Marcu Cristescu, Head of Pediatrics Department; Mr. Mihail Marcu, Chairman of the Board and Dr. Nicolae Marcu, Chief Executive Officer, remain involved and committed to the Company. Together, they control 51% of the Company’s shares. Value4Capital is an independent private equity firm owns 36.25% stake in MedLife and IFC owns the remaining 12.75% stake in the Company.
Contact Information
ACCOUNTABILITY MECHANISM OF IFC 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/