Early Warning System

Countries

Angola

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

Proposed

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

Jul 29, 2022

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

CLINICA SAGRADA ESPERANCA LIMITADA

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Construction
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)

$ 23.50 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)

$ 108.00 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 Jun 7, 2022

Disclosed by Bank May 25, 2022

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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 the bank provided information, the project is to expand and operate a hospital facility owned by Clínica Sagrada Esperança, SA (“The Company” or “CSE”) in Luanda, Angola (the “Project’).

The project entails building a hospital according to international standards with an expected capacity of 165 beds, 41,410 m2 of gross floor area, 6 floors and a silos car park with 453 car parking spaces, as well as other supporting facilities (wastewater treatment plant, mechanical/electrical room, heliport, and other small auxiliary facilities). Project construction is expected to start in the second half of 2022 and last 38 months to be completed, at a cost of $108m, to be financed through an equity contribution of up to $40.5m and the remaining amount by IFC & other lenders. The investment Project will strengthen the supporting infrastructure of the hospital (wastewater, power, parking) to allow a better operation of the whole medical complex in line with international standards (“the Project”). Furthermore, the Project will be implemented by a strong operations and management team with a proven track record in managing and growing the business. The project includes the construction of a wastewater treatment plant (WWTP). The plant will manage the residual water generated in the activities of the hospital, as well as, the domestic effluent coming from nearby residential buildings, and as it was arranged with the local government during the initial stages of the project negotiations, action that would improve the water quality of the sea in that area of Luanda.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

People Affected By This Project

People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Investment Description

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

International Finance Corporation (IFC)

The total Project cost is estimated to be up to US$108.0 million and IFC proposes an A-Loan investment of up to US$23.5 million. The remaining balance will be provided by the Company shareholders in the form of an equity contribution of up to US$40.5 million and US$44.0 million by parallel lenders.

Private Actor Relationship

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.

Private Actors Description

Founded in 1990, CSE is a leading private healthcare services provider in Angola. It currently operates the largest privately run healthcare facility in Luanda plus a network of 23 smaller healthcare units. Its flagship hospital in Luanda currently has a total of 233 beds and has been a key element of Angola’s government response to COVID 19 pandemic.

The sole shareholder of CSE is Endiama - EP (“Endiama”), an Angolan national diamonds company.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	CLINICA SAGRADA ESPERANCA LIMITADA	Client	Education and Health

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.

Clínica Sagrada Esperança, Limitada
Dr. Rui Pinto
CEO

rpinto@cse.co.ao
Av. Murtala Mohammed, n29, Ilha do Cabo Luanda, Luanda, Angola
http://site.cse-ao.com:85/index.php

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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