CSE Loan

pending

The proposed investment is a €23.5m secured corporate loan package from IFC’s own account and a mobilization of €44m in debt from parallel lenders. to support the expansion of the existing facilities in Luanda. Clinica Sagrada Esperanca is the largest private healthcare institution in Angola (https://www.clinicasagradaesperanca.co.ao/). Established in the 1990's, CSE is owned by the State-owned diamond mining company of Angola (Endiama). Whilst it was originally created to meet the healthcare needs of employees of Endiama, it has been operating since 2005 as an independently run company. The company provides out-patient and in-patient care to the national and international community in Luanda as well as in all 18 provinces of Angola. CSE currently operates the largest privately-run healthcare facility in Angola with a network of 23 outpatient clinics, 11 referral doctors, and a total of 233 beds, being a key element of Angola's response to COVID-19.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.