EBRD to finance largest Georgian healthcare provider with $40 mln

The European Bank for Reconstruction and Development will finance the largest healthcare provider in the country - Georgia Healthcare Group - with $40 million, of which $15 million will be allocated to JSC Evex Hospitals, the EBRD announced on Wednesday. 

The international financial institution said the project would use $10 million to refinance the remaining exposure under the loan provided by the Bank in response to the Covid-19 pandemic, while $15 million would go to a “partially financing” of the minority shareholder buyout of the Group's pharmaceutical business JSC Gepha. 

As for Evex Hospitals, the funds will be provided for the following expenditures:

• Introduction of additional services across the selected hospitals
• Planned upgrade of number of regional hospitals
• Energy efficiency investments
• Partial refinancing of the maturing private local currency bonds to benefit liquidity position of the network

With 18 hospitals in six regions of Georgia, Evex Hospitals is the largest hospital network in the country owned by the GHG. The Group unifies hospitals, clinics, pharmaceuticals, medical insurance and diagnostics laboratory.