Abdali CMC (IFC-42697)

Countries
  • Jordan
Geographic location where the impacts of the investment may be experienced.
Specific Location
Amman
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
Jan 24, 2020
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.
Borrower
ABDALI MEDICAL CENTER
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • 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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 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.
Loan Amount (USD)
$ 30.00 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.
Project Cost (USD)
$ 347.00 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 3, 2020

Disclosed by Bank Jan 22, 2020

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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.

According to bank-provided information, the proposed IFC investment comprises of a loan of up to US$30 million to support Abdali Medical Center’s (AMC) capex program over the next 3 years, as well as operational losses and principal repayments falling due during the ramp-up period.

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

The total Project is estimated to cost US$347 million, 54% of which is expected to be funded through equity and the remaining 46% through long-term debt. The debt component will be financed through a syndicated loan led by Jordan Kuwait Bank as well as IFC’s funding.

The proposed investment structure for IFC is a combination of a i) US $22 million A Loan and ii) US $8 million C Loan. IFC’s funding will partially fund AMC’s capex program over the next 3 years, as well as operational losses and principal repayments falling due during the ramp-up period.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

AMC is a 200 bed multi-specialty hospital that commenced operations in Amman Jordan in July 2019. AMC embraces modern medical practice and places significant emphasis upon a clinical model underpinned by evidence-based medicine, full multi-disciplinary team working adhering to international best practice clinical protocols. The AMC business model is built upon a core assumption of implementing across all specialties key clinical and care differentiators that are also linked to KPIs. AMC’s strategy is based on the following pillars of differentiation: 1) structuring services to adopt a culture of excellence and become a Center of Excellence (CoE); 2) clinical strength; 3) great patient experience; and 4) technology and innovation.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Abdali Medical Center Client -

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.

Abdali Medical Center
Jawad Naber
CFO
+962-6-5109999
Jawad.naber@abdalimedical.com 
P. O. Box: 925005 Amman 11190 Jordan
www.abdalimedical.com 

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/

How it works

How it works