Vital Capital Closes Financing for Luanda Medical Center with U.S. Government's Overseas Private Investment Corporation
September 24, 2014
WASHINGTON, D.C. – Vital Capital Fund is pleased to announce that the Overseas Private Investment Corporation (OPIC) recently closed a USD $9.8 million loan to support the Luanda Medical Center, a world class medical clinic designed to provide high quality healthcare and diagnostic services for the local population of Angola. The Luanda Medical Center (LMC) will provide same-day ambulatory and cardiology procedures, as well as advanced diagnostic capabilities such as MRI, CT, ultra sound and X-Ray.
The OPIC loan is made in conjunction with a USD $ 16.6 million equity investment by Vital Capital Fund, one of the world’s largest impact investment funds focused on sub-Saharan markets.
LMC will address pan-African challenges of high costs and inaccessibility to quality health care by delivering world-class health care, in modern facilities, at affordable prices for the local population. It will also have an extensive outreach program to provide access to its medical professionals and capabilities to rural areas throughout the country. LMC will begin serving patients in the 4th quarter of 2014.
“Vital Capital’s investments in high-impact sectors across the African continent align excellently with OPIC’s own development finance goals. Their investment in the Luanda Medical Center will enable middle and lower income families to access quality healthcare, improving the quality of life of local populations in Angola. This shows how investing with impact can spur tangible social improvements while also generating returns for investors and lenders,” said OPIC President and CEO Elizabeth Littlefield.
US-based CURE Healthcare Management Services (CHMS) will support the operations of LMC under a long-term professional services agreement.
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 $76 billion in U.S. exports and supported more than 278,000 American jobs. Visit www.opic.gov for more information.
About Vital Capital
Vital Capital Fund is a $350 million private equity fund that invests in opportunities which enhance the quality of life of communities in rapidly developing nations, primarily in sub-Saharan Africa, while also delivering attractive financial returns for investors. Vital’s primary investment interest is the development of vibrant communities across sub-Saharan Africa, including housing, agriculture, clean energy, water, education and healthcare. For more information visit www.vital-capital.com or call Eric Weinberg at +1-202-413-0873.