The EBRD is supporting the establishment of the first international standard private hospital in Mongolia. A loan of US$ 13.1 million (equivalent of up to €10 million) will partially finance the construction work and equipment for a new 90-bed hospital in the capital Ulaanbaatar.
At present, Mongolians have to rely on aging healthcare infrastructure. Many patients from the emerging middle class travel abroad to seek treatment, spending an estimated US$ 100 million a year. A hospital with modern equipment and highly skilled medical staff will be in high demand.
“We are proud to support the creation of the first private hospital on this scale in Mongolia. As well as providing medical services, the project will serve as a blueprint for more private sector investment in healthcare in rapidly developing Mongolia,” said Aza Ulziitogtokh, the acting Head of the EBRD Office in Mongolia.
The loan will be made to International Medical Center LLC, a company incorporated in Mongolia for the purposes of owning and operating the hospital. Strategic partners for the project are Samsung C&T, a health sector management and consultancy subsidiary of Samsung Group, and Korea University Medical Center, one of the leading university hospitals in the Republic of Korea. An Austrian leading medical equipment supplier Vamed will be equipping the hospital project.
Bolormaa Tumendemberel, CEO of International Medical Center, said: “We are delighted to have the support of such a partner as the EBRD. IMC Hospital is a major social project for us, and we believe it will bring quality healthcare and healthier lives for the Mongolian community.”
Mongolia, which still has one of the highest growth rates in the world, is determined to use the recent mining boom to improve the living conditions of its citizens. The EBRD is committed to supporting the diversification of the Mongolian economy and improving the quality of people’s lives.
Since the beginning of its operations in Mongolia in 2006, the EBRD has committed over €700 million to various sectors of its economy, all of it in the private sector.