Environmental & Social Review Summary
Project Number
29888
Company Name
MORESON MANAGEMENT LIMITED
Date ESRS Disclosed
Dec 10, 2010
Country
Russian Federation
Region
Europe
Last Updated Date
Nov 8, 2024
Environmental Category
B - Limited
Status
Completed
Previous Events
Approved : Dec 8, 2011
Signed : Dec 29, 2011
Invested : Jul 24, 2012
Sector
Hospitals and Clinics
Industry
Infrastructure
Department
Regional Industry MAS LAC & EUR
Project Description
The proposed equity investment in Medicina is to finance (i) the completion of the construction of a new clinic building to increase its hospital bed capacity from 35 to 96 beds and to add 3 operating theatres; and (ii) establishment of a cancer treatment clinic within the expanded new building; and (iii) related investment in equipment and working capital.
Overview of IFC's Scope of Review
OJSC Medicina (“Medicina” or the “Company”), an existing IFC client, is one of the leading private clinics in the City of Moscow. The first investment was to finance the pre- and early construction phases of the second wing to the existing clinic building of Medicina. These activities included the relocation of tenants in three adjacent buildings to be further demolished for the expansion project.
The environmental and social (E&S) review of IFC’s first investment project was conducted in 2007, a summary of which is available at the following link: http://www.ifc.org/ifcext/spiwebsite1.nsf/ProjectDisplay/ESRS29888
The existing investment is regularly supervised, and the company’s E&S performance has been determined to be in material compliance with at-approval agreements. The company has completed all actions included in the E&S Action Plan with the completion date before the current date.
A new investment, which is to finance the completion of the second wing’s construction, will not result in any material change in the previously identified E&S impacts. Thus, as the scope and nature of activities of this second investment are the same as in the first one, the remaining Action Items spelt out in the Environmental and Social Action Plan (ESAP) agreed under the first project will also apply for the second one.
A site visit to the company’s facilities was carried out by IFC’s environmental specialist in September 2010 to get the latest update on E&S matters associated with the existing operations and ongoing construction. Besides, IFC review used the conclusions of the Life and Fire Safety due diligence carried out by the independent consulting company, FPC (Belgium), in September 2010.
The environmental and social (E&S) review of IFC’s first investment project was conducted in 2007, a summary of which is available at the following link: http://www.ifc.org/ifcext/spiwebsite1.nsf/ProjectDisplay/ESRS29888
The existing investment is regularly supervised, and the company’s E&S performance has been determined to be in material compliance with at-approval agreements. The company has completed all actions included in the E&S Action Plan with the completion date before the current date.
A new investment, which is to finance the completion of the second wing’s construction, will not result in any material change in the previously identified E&S impacts. Thus, as the scope and nature of activities of this second investment are the same as in the first one, the remaining Action Items spelt out in the Environmental and Social Action Plan (ESAP) agreed under the first project will also apply for the second one.
A site visit to the company’s facilities was carried out by IFC’s environmental specialist in September 2010 to get the latest update on E&S matters associated with the existing operations and ongoing construction. Besides, IFC review used the conclusions of the Life and Fire Safety due diligence carried out by the independent consulting company, FPC (Belgium), in September 2010.
