The project sponsors are (i) Mr. Ashok Pathirage, CEO of Soft Logic Holdings (Pvt) Limited (SLHL) and; (ii) SLHL, a publicly listed company, which began operations in 1991 in Sri Lanka as a software development company and has diversified into IT, various retail businesses, property development, engineering and healthcare. SLHL has equity investments in AHL, ASHL, ACHL and CHL. Other shareholders in CHL are John Keells Holdings Limited and Aureos South Asia Fund LLC.

The total project cost is estimated at $68 million. IFC is proposing to finance about $10 million in A and/or C Loans for IFC’s own account with an additional $10 million through a syndicated B loan.

20.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	20.0
Equity

* These investment figures are indicative

CHL will be located on a 180.8 perch freehold land at No. 114, Norris Canal Road in Colombo 10, and is accessible by public and private transport. Three other Asiri hospitals are located within Colombo. In addition, there is a hospital in Matara called Asiri Hospital Matara (Private) Limited. Asiri Diagnostic Services has over 300 locations throughout Sri Lanka.

The project is expected to have a strong development impact by: (i) increasing the access to quality medical care in Sri Lanka; (ii) demonstrating best patient and medical care practices; (iii) creating skilled job opportunities; (iv) generating an increase in taxes paid to government; and (v) enhancing the skills of staff through training provided.

IFC's role and additionality will include (i) providing long-term financing that better matches the needs of the project and support Asiri Group's efforts to mobilize other lenders to complete the project financing; and (ii) providing value-added services which would include improving the corporate governance, environmental, social and insurance standards and operating practices of the hospital.

While all Performance Standards are applicable to this investment, IFC’s environmental and social due diligence indicates that the investment will have impacts which must be managed in a manner consistent with the following Performance Standards:

PS1: Social and Environmental Assessment and Management Systems with respect to corporate environmental, social, and health and safety management systems policies and procedures and their implementation across its existing and proposed operations, including national and local government permitting requirements;
PS 2: Labor and Working Conditions including occupational hygiene, health, safety and training programs and protocols for all employees, and specific measures for housekeeping, radiation, kitchen and other at-risk employees and contractors;
PS 3: Pollution Prevention and Abatement including environmental and social issues typical of health care projects such as air emissions and noise; water and wastewater; power (including fuel storage); hazardous materials management, storage, handling and disposal; and minimization, recycling and disposal of solid and hazardous wastes; and
PS 4: Community Health, Safety and Security including fire and life safety and emergency response, community consultation and disclosure, and corporate social responsibility efforts including HIV/AIDS awareness; and

Complete details on IFC’s Environmental and Social assessment of this project may be found in the Environmental and Social Review Summary prepared by IFC, which also will be made publicly available on the IFC website.