Long-term senior loan of up to EUR 32 million to Perseus Healthcare S.A., a public limited company domiciled in Greece, operating under the business name Metropolitan Hospital (Athens), to finance the capital expenditure programme and working capital, as well as to partly refinance its existing debt portfolio.
Support the investment programme carried out by Metropolitan hospital at its premises in Athens. The proceeds from the EBRD loan will be allocated towards capex consisting of reconstruction of buildings and purchase of new medical equipment, with the aim to increase capacity and improve quality of its healthcare services.
ETI score: 61
The transition impact of the proposed project will be derived from:
- Efficiency gains and cost savings enabling the improvements in company's operational performance.
- Financial restructuring.
PERSEUS HEALTHCARE SA
Perseus Healthcare S.A., a public limited company domiciled in Greece, operating under the business name Metropolitan Hospital (Athens).
EBRD Finance Summary
Senior secured loan to the borrower in the amount of up to EUR 32 million.
Total Project Cost
The Bank's financing provided the Company with longer tenor debt financing (7-year term) which was not readily available in Greece. The loan syndication at the time suggested that the Greek banks were able to provide loans with tenors ranging from 3 to 5/6 years. At loan origination, the liquidity in the Greek banking system and bank deposits remained at historical low levels, while significant levels of non-performing loans constrained new bank lending.
Environmental and Social Summary
Categorised B (2014 ESP). Financing capex investments at the existing hospital (262 beds) in Athens is associated with specific environmental and social issues which can be addressed via the implementation of appropriate mitigation measures. Environmental and Social Due Diligence (ESDD) for the project was carried out by ESD staff and comprised a review of the completed E&S Questionnaire; discussions with the client management; and a visit to the hospital. The proposed capex programme will not increase hospital bed numbers but will carry out refurbishment of the basement, ground floor and facade, as well as installation of new medical equipment. The hospital has adequate environmental, health and safety, infection control and HR management procedures in place in accordance with applicable Greek law. Both the hospital's current operations and the project are not associated with significant environmental and social issues. An E&S Action Plan (ESAP) has been developed to address continuous implementation of all relevant procedures and antibiotic stewardship to address Antimicrobial Resistance (AMR) issues in the hospital. The hospital is required to ensure that the project adheres to EBRD PRs and IFC Environmental, Health and Safety Guideline for Healthcare Facilities.
The hospital is accredited with Temos-Excellence in Medical Tourism & Temos Quality in International Patient Care, which certifies the quality of medical service accreditation for international patients and medical travellers and is based on "Quality Made in Germany"; the hospital having a Certified European Stroke Organisation (ESO) Stroke Unit; ISO 15189-2012 (laboratory certification) for more than 40 type of blood testing procedures; ISO 22000 (Food Safety); ISO9001 (Quality Management); and a Certificate of Membership for 2017 from Breast Centre Network. To keep these accreditations, five different external audits take place every year. An internal quality management audit is carried out by the Quality Department once a month. The hospital has infectious control, hazardous substance and radioactive substance management systems, occupational health & safety, medical waste management and life and fire safety procures in place. A licensed company comes to collect medical waste and dispose of it in a medical waste incinerator every day. The hospital's HR policy, including an employee grievance mechanism, is in line with PR2. Patient rights are respected in accordance with national law and a patient grievance mechanism is in place. Statistics show that Greece has a high use of antibiotics and has a correspondingly high rate of AMR occurrence in EU member countries. The Greek government has developed an AMR National Action Plan to address it. The hospital reports its AMR surveillance data to the Hellenic Centre for Disease Control & Prevention (HCDCP), the national AMR surveillance network centre. Under the project, the hospital continues to address in-hospital AMR issues by antibiotics stewardship and improved diagnostic.
Technical Cooperation and Grant Financing
Company Contact Information
Ms Aggeliki Siolavou
+30 210 4809188
Ethnarchou Makariou 9, Pireas 185 47, Greece
The Project supported Metropolitan Hospital in financing capital expenditure investments, including the refurbishment of buildings and purchasing of new equipment, with the aim to increase capacity and improve the quality of its healthcare services, all the while adhering to strict environmental, energy efficiency and social standards. In addition, the Project helped Metropolitan to restructure its existing debt thereby minimizing refinancing risk, optimizing its capital structure and enhancing the hospital's resilience to economic shocks. As a result and despite the early prepayment of the loan, EBRD's financing has contributed positively to Metropolitan's operational and financial restructuring in line with its transition impact objectives.
PSD last updated
15 Feb 2021
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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