OPIC Board Approves Financing for Academic Health Sciences Center in Malaysia
Monday, June 24, 2013
Public-Private Partnership Includes Teaching Hospital, Medical School and Research Center
WASHINGTON, D.C. – The Board of Directors of the Overseas Private Investment Corporation (OPIC) recently approved a $250 million loan to help build Malaysia’s first fully-integrated private medical school, 600-bed teaching hospital, and research center.
“This project is critical to Malaysia’s development plan to help it become a regional and global health care hub, and will help in addressing the shortage of local and specialty talent facing the country’s health care system today,” said OPIC President and CEO Elizabeth Littlefield. “In addition to elevating Malaysia’s ability to provide best in-class medical treatments within its own borders, this project will have a significant impact on local job creation especially in the professional and technical fields.”
The new academic health sciences center, to be located near Kuala Lumpur, is a collaboration between The Johns Hopkins University, the Johns Hopkins University School of Medicine, Johns Hopkins Medicine International (JHI), the Royal College of Surgeons in Ireland and Academic Medical Centre Sdn Bhd, subsidiary of Chase Perdana Sdn Bhd, a Kuala Lumpur-based private development corporation, and an associate company of Turiya Sdn Bhd.
The Perdana University Teaching Hospital, in affiliation with Johns Hopkins Medicine International, will offer highly specialized services and treatments for a range of ailments including trauma, cardiology care, cerebrovascular disease and diabetes. The teaching hospital will be fully integrated with the Perdana University Graduate School of Medicine (PUGSOM) to meet the clinical teaching needs for medical students and specialty trainees. PUGSOM is the first medical school outside of the United States to incorporate Johns Hopkins’ new interdisciplinary Genes to Society (“GTS”) curriculum. Johns Hopkins experts will assist in developing a fully integrated academic medical center that will be based on Johns Hopkins’ values of excellence, discovery and innovation in medical education, research and patient care.
The new academic health sciences center will serve as a platform for clinical and translational research, including collaborations between Perdana and international pharmaceutical and biotechnology companies.
The Government of Malaysia classified the project as a public-private partnership (PPP) to support its efforts to upgrade the country’s healthcare infrastructure to provide world class medical training and treatments. The PPP classification is significant because it is extended only to projects that have national strategic importance, will have a high multiplier effect and increase the business competitiveness of Malaysia.
OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.
Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported more than $200 billion of investment in over 4,000 projects, generated an estimated $75 billion in U.S. exports and supported more than 277,000 American jobs. Visit www.opic.gov for more information.