According to IFC, the proposed investment is to provide Alliance Healthcare (Private) Limited with PKR 2 billion in the form of shares to support:
Alliance Healthcare (Private) Limited (“AHL” or the “company”), was incorporated in 2005 by a group of medical professionals to develop healthcare facilities in Peshawar, the capital city of the province of Khyber Pakhtunkhwa (KP), Pakistan. The Company became fully functional in 2009 with commencement of operations by its flagship 300-bed Northwest General Hospital and Research Center (NWGH). Pathology, radiology, cardiology are some of the key departments of the hospital and it is the only private hospital in province to have Nuclear Medicine and Radiotherapy (approved by Pakistan Nuclear Regulatory Authority).AHL has expanded to include two medical education facilities and a teaching hospital (under construction), all of which are still in ramp-up or construction phase.
The impact of the project, accordinng to IFC are as follows : (i) expansion of a high-quality provider in an area with few high-quality options for patients, (ii) benefitting the healthcare system by strengthening medical education. Market-level impact: (i) potential for replication of systems by other players in the region leading to higher quality care, and (ii) trained staff going to work in other facilities in the region, thereby strengthening overall quality of care.
Key environmental and social risks and issues identified include: i) the company’s capacity and systems to manage social, environmental, health and safety impacts during construction and operations, (ii) provision of fair and safe working conditions to its employees and contractors, including management of occupational health and safety, infection control and COVID-19 response measures iii) life and fire safety (LFS) management, iv) resource efficiency and (v) management of emissions and wastes including biomedical and hazardous waste.
IFC is proposing to provide AHL with up to PKR2.0 billion (up to approximately US$14 million equivalent) in the form of preference shares to fund the Project. Included in this amount, IFC as implementing entity of the IDA PSW Blended Finance Facility (PSW-BFF) is expected to invest up to US$7.0 million in preferred equity shares (“blended concessional finance co-investment”) as described as below.
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