Summary of Proposed Investment
Project Number
8320
Company Name
Radmed Diagnostic Center Limited
Date SPI Disclosed
May 14, 1997
Country
Nigeria
Industry
Health, Education and Life Sciences
Status
Completed
Sector
Medical Laboratories
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Jun 26, 1997
Signed : Oct 3, 1997
Invested : Apr 27, 1998
Project Description
SUMMARY OF PROJECT INFORMATION
Project Name Nigeria-Radmed Diagnostic Center
Region Sub-Saharan Africa
Sector Medical Services
Project No. 008320
Project Board Date August 28, 1997
Company Name Radmed Diagnostic Center
Technical Partner and/or Major Shareholders: Incorporated in May 1991 as a Nigerian private limited liability company, Radmed commenced operations in 1993. It has 38 shareholders (all Nigerian individuals and companies). The principal promoter, Dr. A.A. Senbanjo, holds 13.2%; other respected persons in the medical, engineering and banking fields hold between 17.6% and 5.6% each.
Project Cost Including proposed IFC Investment: N44 million (US$550,000 equivalent), including a proposed IFC loan of US$220,000.
Location of Project and Description of Site: Radmed Diagnostic Center will move to a new location on Victoria Island, Lagos, Nigeria.
Description of Company and Purpose of Project: Radmed Diagnostic Center Ltd., a diagnostic and medical laboratory, has operated on rented premises on Victoria Island, Lagos for four years. The project is the construction of a new building on Victoria Island to house its operations and acquire more equipment. It will be implemented in two phases: first, housing the existing center and moving therein; and second, the construction of consulting rooms and the purchase of an MRI scanner.
Environmental Category and Issues: This is an environmental review category B project; principal issues involve liquid and solid waste disposal, storage and handling of hazardous chemicals, hazardous waste disposal, hygiene and housekeeping, employee exposure to toxic or radioactive materials, workers safety and training, and fire prevention and emergency preparedness. The sponsor has presented plans to address these issues and demonstrate that the proposed project will comply with applicable governmental and World Bank requirements: The sponsor will treat the waste by autoclaving, discharging it to a sewage treatment plant, and the treated waste (liquid and solid) will be collected by a waste disposal company. The sponsor also plans to use a small incinerator to burn most of its solid waste products. Radmed will not store hazardous chemicals on site. The facility will have smoke detectors and sprinkler system in every room. Fire extinguishers will be placed throughout the facility according to the Fire department recommendations. IFC will monitor ongoing compliance with World Bank environmental, health and safety policies and guidelines during the lifetime of the project by evaluating reports submitted annually to IFC by Radmed and by conducting periodic supervision.
The Environmental Review Summary is expected to be available at the Public Information Center on or about May 23, 1997.
Date SPI sent to PIC: May 14, 1997
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-3397; facsimile: (202) 473-4348
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Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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