Ugandan arm of Ciel Healthcare receives $6.5 million from shareholders, including IFC
Monday, 24 August 2020 16:03
The International Finance Corporation (IFC) approved a $4 million loan to International Medical Group (IMG), the Ugandan subsidiary of Ciel Healthcare, a Mauritius-based company that specializes in healthcare center management. The Ugandan hospital will also receive $2.5 million from Proparco, Kibo Capital and Ciel Limited, and other shareholders of its parent company.
The resource will enable IMG to finance a liquidity shortfall that resulted from the covid-19 pandemic. It will be used to refinance existing debt and secure a longer grace period tailored to current cash requirements. It is not certain that Ciel Healthcare will seek this type of financial support for the other hospitals on its platform.
In addition to the International Medical Group, Ciel Healthcare has also invested in C-Care in Mauritius and Hygeia in Nigeria. The company takes majority stakes in its investments and strives to help them achieve standards that meet the highest international standards. The platform's objective is to build an integrated network of healthcare providers in the markets where it operates.
Idriss Linge
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