IFHA was initiated by PharmAccess Foundation, a Dutch non-profit organization supporting quality basic healthcare in Sub-Saharan Africa. The existing shareholders of the Fund are FMO, Goldman Sachs and Social Investor Foundation for Africa. Since its inception in February 2007, the manager of the Fund is the African Health Systems Management Company B.V. (“AHSMC” or the “Manager”), a private company with limited liability incorporated under Dutch law, with its corporate offices in Amsterdam, the Netherlands. The two managing partners of AHSMC are Mr. M. Coppoolse and Mr. O. Schellekens, both Dutch nationals.

The Fund has a Target capitalization of EUR 50 million. It is proposed that IFC invest up to €10 million, not to exceed 19.9% of the total capitalization of the Fund.

6.79 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	6.79

* These investment figures are indicative

IFHA will be operated through two companies. (i) IFHA B.V. which is incorporated Amsterdam, the Netherlands and; (ii) a Mauritius based company. IFHA’s investments will be made in the private healthcare sector throughout the African continent.

The Project is expected to contribute to the development of health and health care provision in Africa, through the investment of capital and provision of technical expertise, to small and medium healthcare providers. Healthcare is a fundamental backbone to economic development and poverty alleviation. The Fund is expected to invest in companies aiming to increase access to quality health-related goods and services, which in turn should lead to increased employment opportunities for healthcare professionals in Africa and increase access and standards of quality of health services on the African continent. The Investment Manager will adopt international best practices for environmental and social risk assessment and management, and improve transparency and corporate governance, thus transferring knowledge and skills to portfolio companies.

IFC will provide institution support to the operations of the fund by sharing global best practices for investment funds as applicable to the region in corporate governance, environmental and social standards as well as supporting a Fund manager investing in SMEs in Africa. Also, through its participation in the Fund’s Advisory Committee, IFC will share its deep experience investing in healthcare in Africa and also play a role in assisting the Investment Manager to adopt best practice corporate governance, environmental and social standards at the company and portfolio company level.

This project has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. At present IFC the team is waiting to appraise and analyze information to be sent from the Fund on their existing portfolio and the types of transactions to determine the Applicable Requirements that would include a combination of IFC’s FI Exclusion List(s), applicable National Environmental and Social Laws and regulations and IFC Performance Standards.

IFC still needs to review the capacity of the Fund managers to manage environmental and social risks and to establish and maintain a Social & Environmental Management System (SEMS) and will suggest Supplemental Actions to address any gaps in the SEMS such as to:

- Develop an, or upgrade, if necessary, any existing Social & Environmental Management System (SEMS), prior to disbursement to the satisfaction of IFC;
- Identify responsible, qualified persons to manage and implement the SEMS;
- Commit to implement the SEMS, to ensure that the fund is in compliance with the Applicable Requirements;
- Commit to take action to remedy any gaps in SEMS implementation on an ongoing basis;
- Submit a periodic report to IFC as per a format to be provided by IFC.