US$ 2.5 million loan to MedLabs Consultancy Group
- US$ 2.5 million loan to MedLabs Consultancy Group
- MedLabs to open 10 new laboratories in the West Bank
- Project enhancing quality and range of medical diagnostic services provided to local population.
The EBRD is supporting the healthcare sector in the West Bank and Gaza with a US$ 2.5 loan million to MedLabs Consultancy Group, a company specialised in the provision of high-quality medical laboratory services.
Access to high-quality laboratory services is limited in the West Bank, particularly in the northern and southern areas. The EBRD funds will support the expansion of MedLabs’ operations, with the establishment of 10 new laboratories in 8 cities over a period of 3 years.
The new network will enhance the quality and range of medical diagnostic services provided to the Palestinian population.
The signing ceremony took place at the EBRD Annual Meeting in Jordan in the presence of the Palestine Monetary Authority’s Governor His Excellency Azzam Shawwa, EBRD President Suma Chakrabarti, MedLabs CEO Hassib Sahyoun, EBRD Managing Director for the Southern and Eastern Mediterranean Region Janet Heckman, and EBRD Director for the Eastern Mediterranean Region Heike Harmgart.
The EBRD Board of Governors approved the engagement of the EBRD in the West Bank and Gaza in May 2017. In March 2018 the Bank signed its first investment in the West Bank and Gaza, with a US$ 5 million loan to Cairo Amman Bank Palestine which will be on-lent to small firms.
The southern and eastern Mediterranean region, to which the West Bank and Gaza belong, is currently the fastest-growing region of EBRD operations, with more than €6.8 billion in 179 projects in less than six years.