The project company is HNL, a private company incorporated in Nigeria. Hygeia is primarily owned by Satya Capital (63.4%), an Africa-focused fund. The other significant shareholders are the Investment Fund For Health in Africa (17.4%), an Africa-focused health sector fund supported by the IFC and the Elebute family (14.8%), the founders of Hygeia.

The total project cost is estimated at $65.8m which will be funded in the form of equity. The proposed IFC investment is up to $12.4m in common equity in Hygeia. IFC’s investment comes alongside equity investment by co-investors.

12.40 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	12.40

* These investment figures are indicative

The Project is located in Lagos, Nigeria and consists of several existing healthcare facilities based in urban areas.

i) Quality of healthcare: One of the co-investors alongside IFC is a strategic investor who will work with the company to improve service provision, professionalize management and improve quality control systems in Hygeia thereby increasing the availability of quality healthcare in Nigeria. Furthermore, as the only Nigerian hospital to be accredited by Joint Commission International (JCI), an investment in Hygeia would also support an increase in the quality of services available in Nigeria.
ii) Access to healthcare: The expansion of Hygeia''s bed capacity and service offering will help address the vast shortage of healthcare provision in Nigeria and allow patients to access appropriate treatment in Nigeria rather than abroad. Additionally, the project is expected to increase the capacity of the HMO to expand its enrollee base, providing greater access to healthcare in the country.
iii) Affordability: The investment is expected to result in operational efficiencies lowering costs which could be passed on to customers thereby enabling more affordable and quality healthcare.
iv) Employment: The business expansion will result in the creation of skilled jobs in healthcare professions as well as related lower skilled jobs.
v) Demonstration effect: The increasing success of Hygeia will demonstrate the commercial viability of investing in healthcare providers in Nigeria and will attract further capital to the sector.

i) IFC presence key to co-investors: IFC''s long standing history with Hygeia as well as expertise and experience in investing in the healthcare sector is valued by co-investors who have been invited into the transaction by IFC.
ii) Knowledge, networks and expertise: IFC can leverage its network in the healthcare sector globally and connect Hygeia to other leading players in Sub-Saharan Africa and other emerging markets to learn from industry best practices.
iii) Stamp of approval: As noted above, IFC''s participation as an equity investor and industry expert is important for the involvement of other co-investors.
iv) Environmental and social standards: IFC will continue to provide support and guidance on Environmental and Social Performance Standards to be implemented and maintained by the healthcare facilities.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Patients Served (#)	Actual Inpatients (#)		Not Available	Not Available	Not Available
Patients Served (#)	Actual Outpatients (#)		Not Available	Not Available	Not Available

According to the IFC’s Environmental and Social Sustainability Policy, the proposed investment is a Category B project as it is expected to have limited environmental and social impacts which can be avoided or mitigated by adhering to recognized performance standards, procedures, guidelines and design criteria. Furthermore, Hygeia is an existing IFC client with an Environmental and Social Risk management system in place.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.