Project to develop major new private hospital in Mongolia receives EBRD funding


10 April 2013 – London – The European Bank for Reconstruction and Development (EBRD) has announced its financial support for a project to develop the first international standard private hospital in Mongolia. A loan of US$ 13.1 million (€10 million) will partially finance the construction work and equipment for a new 90-bed hospital in the capital Ulaanbaatar.

mongolia-mapAccording to EBRD, Mongolians currently 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 equip 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 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.

For more information about EBRD projects in Mongolia, go to http://www.ebrd.com/pages/country/mongolia.shtml

The European Bank for Reconstruction and Development (EBRD) was established in 1991 to nurture the private sector in central and eastern Europe and ex-soviet countries. Today the EBRD uses investment to help build market economies and democracies in countries from central Europe to central Asia. The EBRD is the largest single investor in the region and mobilizes significant foreign direct investment beyond its own financing. Owned by 61 countries and two intergovernmental institutions, the EBRD provides project financing for banks, industries and businesses.  The EBRD invested €8.7 billion in 388 individual projects in 2012.  For more information about the bank, visit http://www.ebrd.com/index.htm

Based on EBRD news story by Svitlana Pyrkalo

Source: EBRD