IFC to provide $50 mn loan to Apollo Hospitals

World Bank Group member International Finance Corporation (IFC) today said it will give $50 million loan to healthcare major Apollo Hospitals for providing high quality services to smaller cities across the country.

"IFC's financing will be used by Apollo to expand its network of 'Reach Hospitals', which are designed specifically for less-developed population centres," IFC said in a statement.

Apollo Hospitals expects to set up 15 new hospitals in the next three years, an initiative that will create significant employment opportunities for local medical professionals, it added.

"The project 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 Vice President Rashad Kaldany said.

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

Apollo Hospitals is leading private healthcare services provider in the country.