Hygeia II

completed

This project involves an investment in Hygeia Nigeria Limited (hereafter referred to as “HNL” or “the Company”) so as to expand their existing healthcare operations within Nigeria. HNL is an integrated health care company offering both hospital and health maintenance organization (hmo) services to the formal sectors of Nigeria. The Company owns and operates three Lagoon Hospitals in Apapa, Ikeja and Victoria Island. In addition, HNL manages 14 worksite clinics and provides health management cover for over 250,000 lives through a network of over 1400 clinics and hospitals throughout Nigeria. This is a repeat investment by IFC in the Company. IFC initially invested in HNL in 1999 through the African Enterprise Facility and this project is now complete. Subsequent to this, in 2007 IFC undertook a further investment in HNL to facilitate renovation and expansion of the hospitals, assist with implementation of information technology system, refinance debt and provide working capital. This investment is still in progress. The proposed IFC investment is for an amount of up to $5 million to finance: (i) construction of a new 30-bed hospital on a site still to be identified in Lagos; (ii) construction of an oncology centre at one of its expanding in Lagos, including an additional 20 beds; and (iii) an upgrade of the Company’s existing information technology systems.