25069 - MedLife

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Summary of Proposed Investment

Project Number

25069

Company Name

MED LIFE S.A.

Date SPI Disclosed

Aug 9, 2006

Country

Romania

Industry

Health, Education and Life Sciences

Projected Board Date

Sep 18, 2006

Status

Active

Sector

Hospitals and Clinics

Department

Gbl Ind, Manufact, Agribus & Services

Environmental Category

B - Limited

Previous Events

Approved : Oct 13, 2006
Signed : Oct 16, 2006
Invested : Nov 13, 2006

Project Description

MedLife is a successful private healthcare provider owned by a family of physicians and bankers and headquartered in Bucharest. The company currently offers a wide range of medical care services through its 11 medical clinics in Bucharest and Ploiesti. MedLife also operates 3 medical laboratories in Bucharest as well as one of the largest private medical facilities in Romania, Hyperclinica. MedLife is currently building a 100 bed hospital adjacent to Hyperclinica, which is expected to open in November 2006. The IFC financing will allow MedLife to expand their high quality medical services to other areas of Romania, partially financing the development of new 40 to 50 bed hospital/clinic combinations (as in Bucharest) opening in Constanta, Timisoara, Brasov, Iasi, and Cluj over the next 2 to 3 years. All the sites for these developments have been purchased and these will all be greenfield developments (except the clinic in Timisoara which will be in a renovated building). The buildings, medical facilities, equipment, medical care and support have been established to meet both Romanian and international standards.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	6.40
Equity	5.0

Development Impact

This project will:

- increase the supply of higher quality hospital services in Romania;
- relieve some of the burden currently placed on the public health system;
- allow public health resources to focus on lower income segments of the population and emergency services;
- improve employment conditions of many companies in Romania;
- establish “best practices” for the medical community;
- encourage other foreign and Romanian investors to participate in the modernization of the industry;
- help to establish an environment that favors Romania’s transition towards a full-fledged EU member country.

IFC will contribute:

- experience and expertise in the hospital sector;
- network of global industry contacts; and
- credibility we bring to the project.

By partnering with MedLife, IFC will:

- help stimulate the growth of the private healthcare sector in Romania;
- support the delivery of higher quality services to the interior of the country; and
- help establish benchmarks for delivery of private health services in the country.

In addition, current shareholders have started, in consultation with IFC, an extensive program for strengthening corporate governance designed to bring more transparency and accountability to decision making and prepare the company to access the capital markets at a later stage.

The project involves the construction and operation of a number of medical facilities in urban settings in the larger cities in Romania. Based on the site visit and discussions with MedLife’s management, IFC believes this project will have limited potential adverse environmental and social impacts. Also any impacts will be few in number, site-specific, reversible and easily addressed through agreed mitigation measures. As a result this is a Category B project.

Contacts

For Inquiries About the Project, Contact

Mihail Marcu, General Manager
Calea Grivitei 365, sector 1
Bucuresti, Romania
Tel: +40/01(0)209.40.30

ESRS has been released and will be publicly available at MedLife''s main Hyperclinica in Bucharest, at a publicly accessible place at the main entrance.

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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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