American Heart of Poland 2

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 46967

Status Complete

Location

Poland

Business Sector

Manufacturing and Services

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 46967

Status Complete

Location

Poland

Business Sector

Manufacturing and Services

Notice Type

Private

Environmental Category

Approval Date

25 Mar 2015

Disclosure date

18 Dec 2014

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Translated version of this PSD: Polish

Project description:

The EBRD is considering providing a senior secured loan to American Heart of Poland S.A. (the “Company” or “AHP”), the biggest private chain of cardiology clinics in Poland. The loan will be used for the financing of potential acquisitions and organic growth of the Company, as well as to partially refinance the existing debt of the Company.

The proceeds of EBRD’s financing will allow further expansion of AHP in Poland, primarily into regions characterized by limited access to cardiovascular services.

Transition impact:

The Project’s transition impact stems from four factors:

(i) broader and affordable access to specialist cardiovascular services beyond large clinical centres via provision of state-of-the-art cardio services in the less developed parts of Poland,

(ii) development and expansion of specialized cardiovascular services which are one of the most underdeveloped segments of the Polish health care sector and the main cause of deaths in the country,

(iii) demonstration of new treatment methods (own R&D centre, co-operation with US and EU based consultancy centres, neuroradiology), promotion of know-how and skills transfer, and

(iv) setting best quality and health & safety standards that are a point of reference for local and regional healthcare players, in order to improve patients’ treatment methods and survival rates.

The client:

AHP, founded in 2000, is a leading private provider of services related to cardiovascular disease in Poland. The Company operates a network of 39 facilities, offering comprehensive and integrated healthcare services (including cardiology, vascular surgery, cardiac surgery, rehabilitation and diagnostics), with strong focus on R&D projects and implementation of technical and organisational innovation into clinical practice.

AHP is majority owned by its founders, some of the most reputable cardiology specialists in Poland, with minority shareholding owned by Advent International.

EBRD finance:

Provision of a senior secured loan of up to PLN 125 million (EUR 30 million equivalent). The Project will be co-financed by a group of commercial banks.

Total project cost:

PLN 621 million (EUR 148 million equivalent).

Environmental impact:

The Project was categorised “B” by EBRD, which means that an environmental and social analysis was required by the Bank, in accordance with the 2014 Environmental and Social Policy and Performance Requirements (PRs). The Project has some environmental and social impacts which can be readily addressed through mitigation measures and an action plan. The environmental and social due diligence carried out for the preceding project with the Client (2013) as well as the Annual Environmental & Social Report (January 2015) have been reviewed followed by the discussion with the Client.

The environmental and social due diligence showed that the Company is implementing its existing project with the Bank in compliance with the Bank’s requirements. The Company’s current Human Resources (HR), Occupational, Health and Safety (OHS) and life and fire safety policies and procedures and patient grievance procedures meet the Bank’s PRs. It has an adequate environmental and social risk management system, which includes appropriate due diligence procedures for its capex programme and new acquisitions. Furthermore, the environmental and social due diligence showed that the Company has adequate capacity to continue to implement the PRs on the proposed Project, its environmental & social management system accords with ISO 14001 standards and includes medical wastes management programmes.

The Environmental Action Plans (ESAP) which has been agreed by the Client addresses as follows; (i) if applicable, the Company address labour restructuring issues in accordance with Polish law, PR2 and EBRD labour retrenchment guidelines, (ii) the Company attain Polish hospital management accreditation, (iii) the Company continues to carry out environmental and social due diligence for new acquisitions and Greenfield expansion, (iv) the Company continues to implement adequate HR, OHS, Environmental and life & fire safety policies all across its operations. For the Project, the Company is required to ensure that the Project complies with EBRD PRs, IFC Environmental, Health and Safety Guidelines for Health Care Facilities and the ESAP. The Bank will monitor the Project’s environmental and social performance by reviewing annual reports submitted by the Company and undertaking site visit if deemed necessary.

Technical cooperation:

None.

For consultant opportunities for projects financed by technical cooperation funds, visit procurement of consultants.

Company contact:

For project and financial matters Mr Adam Aleksandrowicz, CFO of AHP, a.aleksandrowicz@klinikiserca.pl.

Business opportunities:

For business opportunities or procurement, contact the client company

Transition impact

ETI Score:60

PSD last updated

31 Oct 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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