24778 - Aier Eye

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Summary of Proposed Investment

Project Number

24778

Company Name

Aier Eye Hospital Group Co., Ltd.

Date SPI Disclosed

Sep 18, 2006

Country

China

Industry

Health, Education and Life Sciences

Projected Board Date

Oct 18, 2006

Status

Completed

Sector

Hospitals and Clinics

Department

Regional Industry - MAS Asia & Pac

Environmental Category

B - Limited

Previous Events

Approved : Oct 25, 2006
Signed : Nov 6, 2006
Invested : Nov 16, 2006

Project Description

The proposed project is an expansion of Changsha Aier Eye Hospital Group Co., Ltd (Aier Group or Aier), the largest private eye care network in China. It currently operates eight full service eye hospitals in different cities. The project includes expansion and relocation of Wuhan Aier Eye Hospital, Chengdu Aier Eye Hospital, and Hengyang Aier Eye Hospital; construction of Chongqing Aier Eye Hospital, Zhuzhou 331 Aier Eye Hospital, Hefei Aier Eye Hospital, Nanning Aier Eye Hospital, Nanchang Aier Eye Hospital, Shaoyang Aier Eye Hospital, Yueyang Aier Eye Hospital and Haerbin Aier Eye Hospital; and establishment of an optometry school.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	7.98
Equity

Development Impact

- Increase access to high quality medical care:

The need for high quality opthalmological care is acute in China, as existing medical resources cannot meet the demand for services. China has less than one-third the number of opthalmologists per capita than the U.S.; and many simple problems, such as myopia, which can be corrected with eyeglasses, go untreated, having implications for education and employment. Further, most opthalmological hospitals are located in major urban centers, whereas Aier Eye is expanding its operations into second-tier cities, thus serving populations that may not otherwise have access to quality care.

- Demonstrate best practices throughout the medical community:

Aier Eye stresses quality, transparent patient care, and has put in place a system to ensure that it is achieved. For instance, Aier has nearly eliminated the practice of making informal payments to doctors—ubiquitous in China—by greatly rewarding those doctors who declare such payments and fining those who accept them. The Group has also de-linked doctors’ remuneration from sales of medications in attempt to combat the common practice of over-prescribing drugs. Aier’s focus on staff training and customer service also make it a leader in the country. In April 2006, Aier Eye was cited as “the most distinguished and distinctive eye hospital” by Health Times, a subsidy of People’s Daily, the most influential newspaper in China. Further, companies such as Bausch & Lomb, Alcon, and VISX have established Aier Eye as their base for training medical staff on new equipment.

- Establish links with local communities and public entities:

In addition to providing high quality care, Aier establishes links with the local community by carrying out education campaigns, free eye testing in schools, free eye exams in rural areas, and free or discounted surgeries for disadvantaged people. Aier Eye, which began operating within public hospitals, continues to work in conjunction with the public sector, ensuring that they operate in complement to pubic facilities. Aier has training and research relationships with several public universities, including Zhongshan University in South China, Donghua University in East China, and Zhongnan University in Central China, as well as with the Ministry of Health.

Through its investment in Aier, IFC will act as a provider of long-term financing, which is currently difficult to obtain for private hospitals in China. With IFC’s finance, Aier Group can expand faster and better meet the un-met demand for quality eye care.

In addition, IFC provides strategic advice, helps structuring of the investment and will facilitate the future strategic investment in the Group. IFC will also assist Aier in meeting international standards on insurance, environmental and Fire and Life Safety aspects.

This is a category B project according to IFC''s environmental and social review procedure. Environmental and social issues associated with this project and that will be evaluated during appraisal include:

- site selection, acquisition, development and permitting;
- quality and sustainability of potable water supply;
- handling and disposal of hazardous and non-hazardous health care waste;
- liquid effluent management;
- air emissions;
- adequacy of disinfection and sterilization programs;
- occupational health and safety and implementation of good hospital management practices and employee training programs to prevent nosocomial diseases;
- life and fire safety in the design, construction and outfitting of new and existing facilities; and
- systematic management of quality, environmental issues, and occupational health and safety.

Contacts

For Inquiries About the Project, Contact

Dr. Wu Shijun, Manager
1286 Hong Qiao Road, Shanghai, China
P.C. 200336
Telephone: +86 21 62956699
Fax: +86 21 62190332
Email:wushijun2010@126.com

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IFC Corporate Relations
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Telephone: 202-473-3800
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This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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