Rede Dor Growth (IFC-38202)

  • Brazil
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 30, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 130.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 12, 2018

Disclosed by Bank Apr 27, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Founded in 1977 and based in Rio de Janeiro, Rede D'Or São Luiz S.A. ("Rede D'Or" or "the Company") is a for-profit healthcare provider with the largest network of private hospitals in Brazil. It is a privately-held company, with its founders retaining a majority shareholding and smaller stakes held by institutional investors (Carlyle and GIC) and other minority shareholders. The company's 32 hospitals, comprising close to 5,000 functioning beds at year-end 2016, are located in the states of São Paulo, Rio de Janeiro, Pernambuco, and the Federal District (Brasilia). In addition, the company has more than 30 oncology units in the states of Rio de Janeiro, São Paulo, Ceará, the Federal District, Bahia, Pernambuco, and Tocantins. Since 2009, when IFC’s first investment commenced, the company has expanded significantly through the acquisition of other private hospitals in the same states and through the expansion of existing capacity. These activities have included six hospital acquisitions, greenfield constructions in São Paulo state and southern Rio de Janeiro city, and expansion wings in seven hospitals.

The IFC's new investment – which is a proposed A loan of $100 million and a C loan of $30 million for its own account and the mobilization of up to $120 million in additional financing – is aimed at assisting Rede D'Or to grow by acquiring additional hospitals, increasing the capacity of existing hospitals, or building new ones. In the period covered by the IFC's investment, Rede D'Or plans to grow through at least four greenfield construction projects and major expansion plans for a number of its current hospitals. For acquisitions, Rede D'Or will integrate newly-purchased hospital operations into its own systems, including those that form its Environmental and Social Management System (ESMS), through a gap analysis and action plan to bring them into conformity with the company's standards. Based on recent experiences with acquisitions, this process involves Rede D'Or investments and upgrades in the building design, equipment, and personnel of the acquired hospitals. Expansion and greenfield projects involve the design, permitting, construction, and commissioning of this new capacity.

At the time of appraisal, Rede D'Or's workforce consisted of more than 38,000 direct-hire staff at its hospitals, clinics, research institute, and corporate offices. It has also hired third-party contractors for providing cleaning, catering services, unarmed site security, maintenance of certain types of equipment, and removal and disposal of hospital waste, including hazardous ones. Through the amalgamation of many back-office functions across the entire hospital group – such as appointment scheduling, IT, finance, and purchasing – Rede D'Or is seeking efficiency gains in its workforce through reassignments, consolidations, and organic attrition. For its greenfield construction and the expansion of existing units, Rede D'Or acts as its own general contractor but hires outside providers for specific architectural, engineering, and construction services.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.


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  You can learn more about the CAO and how to file a complaint at

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