Hellenic Healthcare

Location:

Greece

Project number:

50042

Business sector:

Manufacturing and Services

Notice type:

Private

Environmental category:

B

Approval date:

04 Jul 2018

Status:

Complete

PSD disclosed:

31 May 2018

Project Description

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.

Project Objectives

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.

Transition Impact

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.

Client Information

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

EUR 32,000,000.00

Senior secured loan to the borrower in the amount of up to EUR 32 million.

Total Project Cost

EUR 32,000,000.00

EUR  32,000,000

Additionality

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

None

Company Contact Information

Ms Aggeliki Siolavou
asiolavou@metropolitan-hospital.gr
+30 210 4809188
www.metropolitan-hospital.gr
Ethnarchou Makariou 9, Pireas 185 47, Greece

Implementation summary

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

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

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 compliance@ebrd.com. 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 ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.

 

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