The Project sponsor is Hygeia Nigeria Limited (“HNL” or the “Company”), a limited liability company, incorporated in 1984 and founded by the husband and wife team of Professor E. A. Elebute and Professor (Mrs.) O.W. Elebute. Although privately held, the Company’s shares are held by both individual and institutional investors with the Elebute family representing more than 50%.

The total Project is estimated to cost Naira 2.4 billion (approximately $16 million) to be financed with a combination of debt and equity. The proposed IFC investment is a combination of an A Loan of up to USD 4 million and C Loan of up to USD1 million to HNL for IFC’s own account.

5.0 million (USD)

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

* These investment figures are indicative

The Project includes the construction of two new hospital facilities in Lagos. The process to determine the exact locations is on-going.

The Project is expected to have a strong development impact by increasing availability of quality healthcare including renal and oncology services which are currently in short supply in Nigeria. In addition, the Project will increase access to quality healthcare through the expansion of lives covered through HNL’s HMO operations. Lastly, through improvements in operational efficiencies and quality standards, the Project will demonstrate best-in-country administrative and patient care practices throughout the medical community.

IFC will provide access to long-term financing appropriate for the Project’s long-term investment profile. The investment in the Company will assist in the development of a strong and viable private healthcare sector in Nigeria. In addition, IFC’s investment in Hygeia will signal confidence in HNL to other potential investors. This should assist Hygeia in further developing its equity base and in securing the necessary finance to fund its future expansion.

This is a Category B project according to IFC’s Procedure for Environmental and Social Review of Projects due to the limited number of site specific environmental and social impacts that may occur and which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria.

Key environmental and social issues associated with the existing operations, along with those associated with the new Project, relate to implementation of an environmental management system, access to clean potable water, occupational health and safety, and design and construction of facilities in compliance with international life, fire and safety standards. So as to ensure these issues are addressed at existing facilities in accordance with IFC requirements, HNL are implementing appropriate measures as defined in the Environmental Action Plan (EAP) for this investment. Potential impacts, largely environmental, as a result of the new hospitals will be generally localized and confined to the development footprint. Mitigation measures for these impacts have been defined in the EAP for this Project and so as to improve HNL’s overall environmental and social performance.