Co-operative Bank has partnered with International Finance Corporation (IFC) to fund advance medical equipment facilities to help small and medium-sized healthcare providers.
The move aims to improve private sector healthcare delivery by enabling hospitals, clinics and diagnostic imaging centres to acquire the advanced equipment that can improve the quality and reliability of care provided.
The two firms signed an agreement, with Makhtar Diop, the Managing Director of IFC stating that the medical facility comes with an advisory services program to help small businesses in the healthcare sector strengthen their medical equipment procurement processes, financial management competencies and business planning.
“Small and medium healthcare businesses in Africa often struggle to access financing. IFC’s Africa Medical Equipment Facility, in partnership with Co-op Bank, is changing the status quo,” said Diop.
Additionally, he said that small- and medium sized healthcare companies in East and West Africa often face difficulties when trying to access financing for the purchase or lease of equipment.
Africa Medical Equipment facility is designed to bridge the gap between healthcare businesses seeking medical equipment and financial institutions and equipment manufacturers.
“Financing may not be available, or the terms may not be appropriate for the company. At the same time, equipment manufacturers may be unfamiliar with the market and unsure about the financing risk, limiting their ability to sell equipment in these countries,” IFC said.
