IFC to invest Rs.550 mn in Delhi hospital

August 4th, 2008 - 8:59 pm ICT by IANS  

New Delhi, Aug 4 (IANS) The Washington-based International Financial Corp (IFC), a member of the World Bank group, announced Monday that it will invest Rs.550 million ($13.1 million) in a Delhi hospital to expand its facilities and help open a hospital in Haryana. IFC said the financial aid to the Rockland Hospital would help broaden access to high quality healthcare and good administration.

“This project demonstrates IFC’s commitment to social sector development. It also aligns with our strategy to invest in healthcare, one of India’s largest service industries where the private sector’s involvement is most critical,” IFC director for health and education Guy Ellena said.

IFC director of south Asia P.M. Martelli said: “Private healthcare in India is growing rapidly as a result of increasing awareness and changing disease patterns. The investment will help expand medical infrastructure in Manesar (Haryana), where advance medical care is scarce.”

IFC has 179 member countries, which collectively determine its policies and approve investments. To join IFC, a country must first be a member of International Bank for Reconstruction and Development (IBRD).

However, the organisation did not mention how it short-listed Rockland Hospital for the investment. Started in 2004, Rockland is a 90-bedded multi-specialty hospital in south Delhi.

Expressing happiness over IFC assistance, Rockland chairman Rajesh Srivastava said: “We see IFC as a long term strategic partner and value its knowledge of the private healthcare in emerging markets.”

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