EBRD has approved 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.
According to EBRD, 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.
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).
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.