PROJECT

Projects

Summary of Investment Information

Project Number

37824

Company Name

GEORGIA HEALTHCARE GROUP JSC

Date SPI Disclosed

Apr 20, 2016

Country

Georgia

Region

Europe

Projected Board Date

May 23, 2016

Environmental Category

B - Limited

Status

Completed

Last Updated Date

Mar 5, 2022

Department

Regional Industry MAS LAC & EUR

Industry

Health, Education and Life Sciences

Previous Events

Approved : May 27, 2016
Signed : Sep 8, 2016
Invested : Mar 31, 2017

Sector

Hospitals and Clinics

Project Description

JSC Medical Corporation EVEX (“EVEX”, the “Borrower” or “Company”), is part of JSC Georgia Healthcare Group (“GHG”), the largest healthcare company in Georgia and a subsidiary of Bank of Georgia Holdings (“BoG”). The company operates 45 healthcare facilities in Georgia, including 35 hospitals and 10 ambulatory clinics, covering about 27 percent of total hospital beds in the country.

The proposed project is a US$ 25 million A loan to the Company with a 8-year tenor and 3-year grace period. The corporate loan will support EVEX’s investment program over the next two years, which includes: i) renovation of two recently acquired referral hospitals (DKC with 310 and Sunstone with 332 bed capacity respectively) located in Tbilisi; ii) expansion plan of ambulatory clinics that includes 12 large ambulatory clinics, 15 small clinics in Tbilisi and towns across the country, and a diagnostic laboratory in Tbilisi; iii) one potential acquisition of a healthcare facility; (iv) introduction of new services in existing hospitals (i.e., diagnostic center, critical services, pediatric cardiac departments, oncology center, etc.), regular maintenance capex, and investment in software solutions (IT systems); and iv) acquisition of minority interests in its subsidiaries

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation