42687 - Labaid Cardiac and General Hospital Limited

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Summary of Investment Information

Project Number

42687

Company Name

Labaid Cardiac and General Hospital Limited

Date SPI Disclosed

May 15, 2023

Country

Bangladesh

Region

South Asia

Projected Board Date

Jun 15, 2023

Environmental Category

B - Limited

Status

Active

Last Updated Date

May 2, 2025

Department

Regional Industry - MAS Asia & Pac

Industry

other

Previous Events

Approved : Aug 30, 2023
Signed : Dec 24, 2023
Invested : Apr 30, 2025

Sector

other

Additional Project Attributes

Blended Finance

Project Description

The proposed investment is to contribute up to US$8.1 Million loan equivalent in Bangladesh Taka (BDT) to Labaid Cardiac and General Hospital (“LCGH” or the “Company” or the “Borrower”) as a senior-secured A loan from IFC (the “A Loan”). The project is expected to be supported by the IDA20 Private Sector Window Local Currency Facility (PSW LCF). IFC Loan will be used by the Company to set up a new 100 bed multi-specialty hospital in the emerging residential area of Uttara, a large suburb located 15 kilometers north of Dhaka city. The Project will improve access to affordable, high quality care for patients living in Uttara and neighboring areas by offering a variety of treatments that are currently not available or difficult to access in the vicinity. The Project will increase competitiveness in the sector as the new hospital will pursue accreditation from leading international bodies and enhance the standard of care through a strong demonstration effect. The Project is expected to contribute to employment creation by generating 500 direct jobs.

Associated Advisory Engagement

IFC is in discussions to support the company in areas of Quality, Energy Efficiency, Benchmarking and ESG through targeted advisory offerings to help the company achieve best in class performance and meet its growth objectives

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	8.10
Equity

Development Impact

Stakeholders - patients: Given the extent of unmet demand in the country with an average of 8 beds per 10,000 people compared to WHO recommendation of 30 beds per 10,000 people greater private sector participation is needed in setting up new hospitals and IFC expects that the Project will be a step in this direction. At present there are no 100 bed multi-specialty hospitals operational in the area and to access such care patients travel for more than 2 hours to the center of Dhaka city making it highly inconvenient and expensive. IFC expects the Project to provide care to over 105,000 patients on an annual basis providing them a continuum of services across outpatient, inpatient, diagnostics and pharmacy. Economy wide effects: The Project is expected to generate value added and direct jobs as well as indirect jobs through business opportunities for local Micro, Small and Medium Enterprises (MSME) as service providers. Competitiveness: The Project is expected to result, through demonstration effects, in increased competitiveness of the hospital sector. The Company's plans to pursue accreditation for this hospital from leading international bodies will help raise the bar on quality of care across the industry, potentially forcing the inefficient market players to up their game and motivating larger competitors to improve their quality practices

(i) IFC will provide financial additionality through a BDT loan with a tenor of 10 years, including 3 years grace period from the Commitment date. The Company requires the long tenor loan to have the necessary financial flexibility to pursue a project with high gestation. (ii) IFC’s several advisory offerings in Quality, Energy Efficiency and Benchmarking can support the company’s efforts to improve operational efficiencies, and better inform its longer-term strategic decisions (iii) IFC will have an opportunity to identify and help close any gaps in the ESG performance of the Company through ESAP and other associated measures prescribed by IFC, the Company will make improvements and align its operations with industry best practices

E&S Category Rationale / Risks and Mitigation

This is a Category B project as per IFC’s Policy on Environmental and Social Sustainability. Key E&S risks associated with the project include: the company’s capacity and systems to identify and manage environmental, social, health and safety aspects of its proposed operations in compliance with legal requirements as well as IFC Performance Standards (PSs) and the World Bank Group (WBG) Environment, Health and Safety (EHS) Guidelines; assurance of fair, safe and healthy working conditions during both construction and operation; management of wastes (particularly biomedical and hazardous waste), emissions and effluents; life and fire safety (LFS) management for the proposed hospital building in accordance with WBG EHS guidelines; and resource efficiency (water and energy efficiency)

Contacts

For Inquiries About the Project, Contact

Labaid Group
Mr. Ahmad Dawood
CEO, Labaid Dhanmondi Hospitals
+88 02 58610793-8
info@labaidgroup.com
House # 01 , Road # 04 , Dhanmondi, Dhaka 1205, Bangladesh
Websitehttps://labaidgroup.com/

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Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local Access of Project Documentation

Mr. Ahmad Dawood

Labaid Group

House # 01 , Road # 04 , Dhanmondi,

Dhaka 1205, Bangladesh

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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