Axa Hospital (IFC-38833)

Countries
  • Nigeria
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
Apr 30, 2017
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
AXA HOSPITAL PROJECT
The holder of the loan, grant, or other investment.
Sectors
  • Education and Health
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 28, 2017

Disclosed by Bank Mar 13, 2017


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Project Description
AXA Mansard Insurance Plc (“AXA Mansard” or the “Sponsor”), is a leading provider of insurance services (including health insurance) in Nigeria and a member of AXA Group, the world’s largest insurance group. The proposed IFC financing is a US$8.2m equity investment for a 20% equity stake, to support the green-field development, construction and operation of a 150 bed hospital and two clinics; one within the mainland and the other in Lagos Island serving as feeders. Africa Capital Alliance (ACA), a Private Equity fund is also considering to invest in the Project for a 40% stake. The hospital will be built on a 20,000 square meter land purchased by AXA Mansard in Ikate Elegushi, Lekki along Lagos/Epe Expressway, Lagos State. The land was a portion of Bela Vista Estate which is classified as commercial land. The clinics will be designed and built on either procured land or from existing buildings which will be demolished. The Sponsor has partnered with Healthshare Health Solutions Ltd (“Healthshare”), a South African hospital operator with international hospital development and management experience to manage and operate the hospital. In addition to Healthshare’s management role, Healthshare’s parent company, EOH Holding Ltd will invest equity for a 5% equity stake in the Company. EOH Holding Ltd is a major South African business and technology solution provider.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Contact Person: Kola Oni Company Name: AXA Mansard Insurance Plc Address: Santa Clara Court, Plot 1412, Ahmadu Bello Way, Victoria Island, Lagos. Email: Kola.Oni@axamansard.com Phone: +234 1 279 3481 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/