This project was approved as part of the Bank's response to the COVID-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to COVID-19, and this deviation, can be found on our website.
A senior loan of up to USD 25 million in favour of JSC Georgia Healthcare Group. Proceeds to fund short-term working capital needs as well as critical capital expenditures required for the GHG's important role in fighting COVID-19 virus pandemic.
The Project is a response to COVID-19 pandemic, where GHG plays an important role in helping the state by adapting six major hospitals for the patients infected with the virus in accordance with WHO guidelines. The Project also supports implementation of testing for COVID-19 in the most advanced medical laboratory in the country, Megalab, which was originally financed by the Bank.
ETI score: 72
The TI for this project is aligned with the Bank's Covid-19 Solidarity Package, which adopts a streamlined rating approach. The Project is proposed to safeguard the previous transactions' transition impact objectives under the Inclusive and Resilient qualities: (i) work between the Company and the Ministry of Health and Ministry of Education to define and implement skills standards for nursing and midwifery professionals at the Bachelor's level, introducing new sub-specialisations at the national level in line with international best practices (Inclusive) and (ii) demonstration effect related to the successful issuance of public local currency bond which contributes to the development of local capital markets (Resilient).
GEORGIA HEALTHCARE GROUP JSC
JSC Georgia Healthcare Group ("GHG"), a joint stock company incorporated in Georgia, is the largest healthcare provider operating a highly-integrated business model which includes hospitals, clinics, pharmaceuticals, medical insurance and diagnostics laboratory.
EBRD Finance Summary
Total Project Cost
EBRD financing is provided in the extraordinary circumstances of the COVID-19 crisis and effectively bridges a liquidity gap due to adverse market conditions.
Environmental and Social Summary
The ESDD showed the following. GHG has formal and publicly committed Environmental & Social Policy in place and reports on its environmental and social performance to the shareholders. In addition to environmental and social coordinators employed at GHG level, Environmental & Social Management System (ESMS) responsibilities are delegated to healthcare facility-based personnel, primarily consisting of operations teams and epidemiologists who provide day-to-day support to Environmental, Health and Safety function in areas of waste and wastewater management, housekeeping, personal safety matters, fire safety etc. As the Bank's client, the company has carried out third party environmental audits, life & fire safety audits and a hospital infection audit for their facilities. Their overall environmental and social performance is in line with EBRD PRs. The Group's HR policy including an employee grievance mechanism as well as Occupational Health & Safety (OHS) is in line with PR2 and PR4. GHG has written reorganisation & retrenchment procedure in line with IFC PS2 and EBRD PS2.
The ESAP includes in-hospital infection prevention & management, and Antibiotics Stewardship & Antimicrobial Resistance (AMR) Surveillance. The Bank will monitor the Project's compliance with PRs by reviewing an annual report and a monitoring visit.
Technical Cooperation and Grant Financing
Company Contact Information
142 Beliashvili St. Tbilisi 0159, Georgia.
PSD last updated
01 May 2020
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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Environmental and Social Policy (ESP)
The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.
More information on the EBRD’s practices in this regard is set out in the ESP.
Integrity and Compliance
The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.
OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to firstname.lastname@example.org. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.
Access to Information Policy (AIP)
The AIP 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 following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.
Specific requests for information can be made using the EBRD Enquiries form.
Independent Project Accountability Mechanism (IPAM)
If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).
IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.
Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM via email email@example.com to get guidance and more information on IPAM and how to submit a request.