KENYA – The Avenue Hospital, a private health facility in Kenya under Avenue Healthcare Group, is set to receive US$11.7 million from the International Finance Corporation (IFC) that will be used to fund a new wing at its Nairobi facility in Parklands.
The private healthcare provider offers improved secondary and tertiary health care services including dialysis, intensive care, advanced laboratory, physiotherapy, and radiology services through its well-equipped facilities in Nairobi, Kajiado, Thika, Nakuru, Eldoret and Kisumu.
The facility dedicated to providing quality medical care at an affordable cost announced that IFC’s proposed funding, which will be in form of senior debt, will also be used to refinance its existing short and long-term debt.
“The total project cost is estimated to be up to $13.4 million (Sh1.62 billion). IFC will provide an A-loan of up to $11.7 million (Sh1.42 billion) and the remaining portion of the project will be funded with the group’s internally generated cash,” the IFC said in the disclosures.
According to the Bank, the proposed IFC investment seeks to support Avenue Group Limited in scaling up its secondary and tertiary care offering through enhancements to its diagnostic capacity along with expansion of its clinic network.
“The hospital’s expansion project comes five years after it opened a seven-floor, 140-bed complex that enabled it to offer improved secondary and tertiary health care services while also providing additional wards and operating theatres,” the official statement said.
In addition, the move follows a trend of expansion by private hospitals in Kenya, which are positioning themselves to tap into higher demand for quality health care from a growing population of middle-income earners.
The Avenue Healthcare Group also recently invested in a state-of-the-art theater that can conduct various surgical procedures as a way of ensuring level of patient safety and better patient outcomes while expanding its scope in serving patients.
“The hospital is one of the leading private healthcare groups in East Africa running 3 Hospitals, and 13 clinics across Kenya, and a Homecare business,” said the hospital in a statement.
In addition, Avenue hospitals and clinics are NHIF (National Hospital Insurance Fund) accredited meaning that they are accessible by the public for various services and procedures.
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