IFC lends $150 Mn to Banco Santander to expand healthcare MSMEs

IFC lends $150 Mn to Banco Santander to expand healthcare MSMEs
International Finance Corporation (IFC) has reportedly provided $150 million to Brazil-based Banco Santander to expand its financing to healthcare MSMEs (micro, small and medium enterprises).

The financial support will increase the working capital of doctors and healthcare MSMEs enabling them to purchase medical equipment.

This is IFC’s first healthcare social loan in the Caribbean and Latin America region and the project comes under its GHP (Global Health Platform).

For the record, GHP is an IFC program worth US$4 billion that mobilizes private investment to bridge the gaps in healthcare supply caused by the COVID-19 pandemic.

The financial package will be managed by Santander Brasil’s finance company Santander Financiamentos which boasts of expertise in credit solutions for healthcare operators, hospitals, healthcare centres, pharmaceuticals, diagnostic centres, and the medical equipment industry.

André Novaes, Director of Santander Financiamentos stated that the timely contribution from IFC will enable the company to expand financing access for healthcare professionals and MSMEs, resulting in the development of services by increasing the availability of medical equipment. This will also help in modernizing and broadening the coverage of healthcare services throughout the country during high-pressure times.

Speaking about IFC’s contribution, Country Manager, Carlos Leiria Pinto, expressed that the expansion of access to affordable and quality healthcare is the company’s strategic priority in Brazil. The private sector will play a crucial role in closing the gap in services and bolstering the upscale of healthcare MSMEs, added Pinto.

Pinto further mentioned that the company is confident that the loan offered by IFC will have a significant impact and encourage more issuance of social loans while increasing access to medical technology and expanding the local healthcare ecosystem.

As per credible reports, the public health system of Brazil is heavily dependent on MSMEs as they cater to lower-middle and low-income patients.

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