IFC lends $50 million to Apollo Hospitals for setting up 15 new hospitals

The International Finance Corporation (IFC) the private lending arm of the World Bank, has granted a $50 million loan to Apollo Hospitals to expand its hospitals network.

Hyderabad-based Apollo Hospitals said the loan would help it to expand its network of Reach Hospitals. The Reach Hospitals chain has been designed to cater to under-developed population centers.

According to a statement from Apollo Hospitals, the group plans to set up 15 new hospitals over the next three years. IFC vice president Rashad Kaldany said the project is dovetailed to IFC's strategy to invest in health care, which is one of India's largest service industries where the private sector involvement is crucial.

According to Kaldany, Apollo has long been one of IFC's key strategic clients globally as well as in the region with its scope of operations and its willingness to invest in smaller cities as well as outside the country.

IFC provides funds for firms in private sector in developing countries.

Apollo Hospitals, the leading private healthcare services provider in the country, started as a 150-bed hospital in Chennai in 1983. In a period of a little over 25 year, the group has set up 43 hospitals with 7,500 beds in India and overseas. The group also operates neighbourhood diagnostic clinics, an extensive chain of Apollo Pharmacies, medical BPO and health insurance services and clinical research divisions.