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Baku's first private medical centre launched with EBRD finance
The modernisation of Azerbaijan's medical services received an important boost today with the signing of a loan agreement under which the European Bank for Reconstruction and Development (EBRD) together with the Government of Azerbaijan and a group of Israeli investors, led by the Sternfeld Financial Group Limited of Tel Aviv, will jointly finance the US$ 30 million required for construction of a state-of-the-art International Medical Centre (IMC) in Baku, the capital of Azerbaijan.
In a formal ceremony held today in the presence of Azerbaijan's Prime Minister Arthur Razi-Zadeh, the EBRD's Azerbaijan Team Director, Stijn Albregts said, "As Azerbaijan's economy grows, the level of demand for modern, high quality services also increases. To meet these needs, it is the EBRD's objective to assist the development of a viable private sector in Azerbaijan. The IMC is the EBRD's first private sector project in the country and our first in the highly important area of financing medical facilities. We have now signed five projects in Azerbaijan for a total investment of US$ 122 million."
The IMC will be the first private medical facility equipped with the latest in-patient surgical and operational treatments for which many Azerbaijani citizens today travel abroad. The hospital will not only provide operations in specialised fields such as cardiology, gynaecology, ophthalmology or internal medicine, but also clinical services for a broader category of the population such as paediatrics, or family and general practice services.
The EBRD loan will total US$ 10.5 million. The Government of Azerbaijan will contribute a grant made by the Azerbaijan International Operating Company, and is expected to use profits from the IMC for further investments in Azerbaijan's national health care system. Israel's largest government-owned teaching hospital, Tel Hashomer, will function as a partner of the IMC for the training of more than 150 Azerbaijani professionals.
The Sternfeld Financial Group Limited will operate the hospital and finance a major portion of the project costs, in addition to overseeing its construction. Mr Samuel Sternfeld, Chairman of the Sternfeld Financial Group Limited, commented, "Our experience in modernising and privatising hospitals in other countries of eastern Europe, as well as in the United States and Israel will help us enormously in advancing this project."
The hospital will be developed in two phases. Phase One will include construction of a new building to provide the infrastructure for 110 beds, training for 91 medical personnel at Tel Hashomer in Israel and additional personnel in Baku, as well as specialised in-patient, ambulance, surgical and clinical services. Phase Two will include construction of a second building, the extension of some existing surgical units, a cardiac surgery operating suite, an intensive care unit, a catheterising room, a new computer system, and further training and additional clinical services. Upon completion, the IMC is expected to have a total of 183 beds.
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