Shifa Hospitals (IFC-40947)

Countries
  • Pakistan
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
Mar 14, 2019
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
SHIFA INTERNATIONAL HOSPITALS LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity, Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 23.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 14.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 13, 2019

Disclosed by Bank Apr 11, 2019


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Project Description

According to IFC website, the project includes expansion in existing flagship hospital, establishment of a day surgery centre at Islamabad, and establishment of two new multi-speciality hospitals one each at Faisalabad, Pakistan and Dar es Salaam, Tanzania. The project will require three years to complete and is estimated to cost US$ 81 million with IFC investment up to US$10 million in equity and US$14million equivalent in Pakistan rupees as loan.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

 Shifa International Hospitals Limited is a public listed health services company in Pakistan. The Company is a leading healthcare provider in Pakistan operating a quaternary care hospital in Islamabad and two smaller hospitals in Islamabad and Faisalabad, along with a network of laboratory pick up points, external pharmacies and referral centres.  All shares of the Company are floated on the Pakistan Stock Exchange. Of the total 2,185 shareholders, 69.74% are individuals, while the rest are financial, joint stock and insurance companies. As of June 30, 2018, the top three shareholders are Tameer-e-Millat Foundation, which holds 14.24% stake, Mrs. Kulsoom Zaheer Ahmed holding 9.88% stake and Mathews Emerging Asia Fund holding 5.01% stake in the Company.  

Contact Information

Shifa International Hospital
Dr. Manzoor Qazi
Chief Executive Officer

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/