Integrated Diagnostics Holdings (IDH) has secured a $45m debt financing package from the International Finance Corporation (IFC), to finance expansion in access to high-quality diagnostic services.
The eight-year loan will be used to finance IDH’s growth plans across new and existing markets, whilst also helping to expand access to high-quality diagnostic services in high growth emerging markets. This comes in addition to its current presence in Egypt, Jordan, Nigeria, and Sudan.
More specifically, IDH is seeking value-accretive acquisition opportunities in markets across Africa, the Middle East, and South Asia. Its business model is well-suited to capitalise on healthcare and consumer trends similar to those prevailing in its existing markets.
Additionally, the financing package will also be utilised in expanding its medical services and test portfolio, with a particular focus on testing for the novel coronavirus (COVID-19) in Egypt and Jordan. This comes as both countries continue to battle the COVID-19 pandemic, whilst also ensuring that the IDH’s branch network grows to improve accessibility and reach.
Commenting on the loan agreement, IDH CEO Dr Hend El-Sherbini said, “This new agreement further strengthens our existing long-term strategic cooperation that began with our co-investment in Nigeria, where we have jointly deployed millions of dollars to bring best-in-class medical diagnostic practices and technology to Africa’s most populous country.”
She added, “Through this new debt financing agreement, we are once again reinforcing our commitment to the healthcare sector across emerging markets, delivering on our shared strategy and aligned ESG goals to provide communities with the tools they need to better their lives.”
El-Sherbini noted that the $45m debt financing package will allow IDH to expand healthcare accessibility by growing its regional footprint through potential acquisitions. It will also help the company expand its current medical service offering, geographical reach, and digital offering to ensure that we provide access to as many patients as possible.
“In parallel, we continue to invest in further diversifying our test portfolio and in training our employees so that we can deliver the best quality test packages to our clients,” she said, “We take pride in our partnership with a prestigious institution like the IFC and look forward to leveraging its financing muscle along with our on-the-ground capabilities to meet the strong demand for healthcare services in our region.”
With support from the IFC, IDH is also aiming to become the first healthcare provider in the Middle East and Africa (MEA) region to obtain the IFC’s EDGE Gender Equality Certification, by creating optimal workplaces for women and men.
IDH is already a founding signatory to the IFC’s Ethical Principles in Healthcare, which promote ethical practices across the international private healthcare delivery system.