Washington, D.C., June 30, 2010—IFC,
a member of the World Bank Group, and Zulekha Hospitals Group, a prominent
woman-owned health care business in the United Arab Emirates, have signed
agreements to finance Zulekha’s expansion plans and bring affordable health
care services to India.
The project will introduce high clinical and managerial standards and create
new jobs where there is significant unemployment, especially in smaller
“We are very happy to partner with IFC, whose global experience and local
knowledge of private health care in emerging and developing markets will
help facilitate our expansion to India,” said Dr. Zulekha Daud, Managing
Director, Zulekha Hospitals Group.
Zulekha is proposing to use $21 million of IFC’s $24 million financing
package to build a new 189-bed hospital in Nagpur in the Indian state of
Maharashtra where access to health care is low and patients often need
to travel several hundred miles for quality medical treatment.
The remaining $3 million will pay for energy efficiency-related expenditure
at Zulekha’s Sharjah facility in the United Arab Emirates. IFC expects
to share its knowledge of clean production initiatives to generate cost
savings and encourage other companies to adopt greener technologies.
“This investment reflects a strategic IFC priority to support health care
networks and providers that work across countries and regions, especially
in emerging markets such as India,” said Guy Ellena, IFC Director for
Health and Education. “We also are delighted to support a woman-owned
business that expects to employ many women.”
Michael Essex, IFC Director for the Middle East and North Africa, said,
“IFC will help Zulekha Hospitals Group expand its reach and services beyond
the Arabian Gulf, increasing access to affordable health care for people
in India that need it the most while raising standards and promoting best
practice across the industry.”
IFC is the largest multilateral investor in private health care in emerging
markets, and supports the growth of health care in developing countries
in a sustainable and socially responsible way.
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing capital for private enterprise, and providing advisory and risk
mitigation services to businesses and governments. Our new investments
totaled $14.5 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.
About Zulekha Hospitals Group
Zulekha Hospitals is a family-owned health care group based in the United
Arab Emirates. The group operates a 63-bed hospital in Sharjah and an 88-bed
hospital in Dubai. Both hospitals are accredited by the Joint Commission
International, the most internationally recognized accrediting body for
health care providers. The business began in 1966, when Dr. Zulekha Daud
of Nagpur, India, established a small clinic in Sharjah. The group now
employs 1,050 staff and treats over 550,000 patients per year. Visit