Press release -
Swedfund invests in Nairobi Womens Hospital. Largest investment in private health care in Kenya 2013
Swedfund and The Africa Health Fund through The Abraaj Group invests equity in a well established chain of private hospitals in Eastern Africa.
Nairobi, Kenya, 22nd November 2013: Swedfund, the Swedish state’s risk capital company, and The Africa Health Fund through The Abraaj Group, a global investor operating in global growth markets today announced their investment of US$ 6.5 million in The Nairobi Women’s Hospital, a leading private health care provider for women and their families (men and children) in East Africa. This investment is the largest single foreign direct equity investment in private healthcare in Kenya this year.
In 2010 the then newly formed Africa Health Fund invested US$ 2.6 million in The Nairobi Women’s Hospital. Today’s equity injection showcases that it is worth investing in Africa’s healthcare as well as a sign of investor confidence in Kenya’s economy.
The objective of The objective of the Africa Health Fund is to increase access to affordable and quality health related goods and services for those at the bottom of the income pyramid. At the same time it hopes to provide investors with good long term financial returns.
Swedfund’s mandate is to support private enterprise in developing countries, mainly by making equity investments and loans to companies that have a profitable track record but that need capital and support in order to grow. In its investment process Swedfund puts a high emphasis on environmental, social and governance issues. Swedfund’s portfolio includes holdings in around 70 companies around the world.
This investment will enable The Nairobi Women’s Hospital to complete the financing of its modernization and expansion plan in East Africa. This will in turn increase the range of treatments and services offered to patients in the region.
Founded in 2001 The Nairobi Women’s Hospital (NWH) is a pioneer in women’s health (obstetrics and gynecological services) in East and Central Africa. For the past twelve years The NWH has provided quality and affordable healthcare to women and their families. Since its inception the NWH has grown from one branch, Hurlingham (2001); and now has three additional hospitals – Adams (2009), Ongata Rongai (2011) and Nakuru (2012); and two medical centres in Kitengela (2012) and Eastleigh (2012). The NWH Mombasa and Kisumu branches are work in progress and are part of the grand plan to expand further in the country and the Eastern African region by 2016; and subsequently into the rest of Africa. This is in line with its vision, “We are trusted with the healthcare of our women in Africa”. The NWH Board of Directors is chaired by Mrs. Eva Muraya, CEO Brand Strategy and Design.
The Nairobi Women’s Hospital focuses on providing in-patient, outpatient and specialized services for women including antenatal, gynecology, obstetrics, breast cancer detection and surgery. The NWH also offers services to the family. These include pediatrics, male medical surgical, dental, ENT, ICU, HDU, ambulance among others. The NWH charitable Trust, The Gender Violence Recovery Centre (GVRC) which is the first of its kind in Eastern and Central Africa, offers free medical and psychosocial support to survivors of intimate partner violence. The GVRC Board of Trustees is chaired by renowned Judge of the Supreme Court, Hon. Njoki Ndung’u.
In 2011 The NWH Medical Training College established the School of Nursing which offers diploma in the Kenya Registered Community Nurses (KRCN). This is in recognition that by 2016, there will be a shortage of 500,000 health workers in East Africa and the School seeks to bridge this gap and to ensure that healthcare providers are well skilled with the knowledge, passion and dedication.
In 2011 in partnership with GIZ The NWH installed the largest incinerator in Eastern and Central Africa with a capacity of 200kg/run. This culminated in the formation of the Healthcare Waste Management Company (HCWM) which seeks to improve the management of healthcare waste in Kenya. The incinerator which is based at The NWH Adams Branch not only serves the hospital branches but also other hospitals and clinics.
Dr. Sam Thenya on behalf of The Nairobi Women’s Hospital
Mr. Shakir Merali on behalf of The Africa Health Fund and The Abraaj Group
Mr. Jonas Armtoft on behalf of Swedfund
About The Abraaj Group
The Abraaj Group is a leading private equity investor operating in the growth markets of Africa, Latin America, Middle East, South Asia, South East Asia, Turkey and Central Asia.
Swedfund is Sweden's development finance institution with the mission to contribute to poverty reduction through sustainable investments in developing countries. Our investments in the private sector contribute to a growing number of jobs offering decent working conditions and increases access to essential products and services like electricity and healthcare. Climate and gender are themes that permeates our investment process.
Swedfund invests in energy & climate, financial inclusion and increased access to capital for micro, small and medium-sized companies as well as healthcare and digitalization.
We are part of Swedish development corporation, and we measure and report all our results. As a state-owned company, Swedfund is managed by the Ministry of Enterprise and Innovation. We are financed through reflows from the portfolio and capital injections from the development assistance budget. The return from the portfolio finances our operations and we reinvest reflows from our portfolio in new projects, i.e. we recycle our capital injections.