International Finance Corporation (IFC), a member of the World Bank Group, is supporting Meghalaya state for establishing its first public-private partnership for a new hospital and medical college to provide health services to under-served groups and address the critical shortage of trained medical and paramedical staff in India’s north east region.
As lead transaction advisor, IFC is extending its global expertise in structuring and implementing public-private partnership transactions to assist the government on this project. IFC has been engaged by Meghalaya state government to offer advice on providing quality healthcare and training at the hospital and medical college in Shillong.
The project is an important step in the state government’s vision to expand access to medical services in this remote state in India’s northeastern region. Successful implementation of the Shillong teaching hospital and medical college will provide trained medical staff and quality health services to the people of Meghalaya and create professional employment opportunities for the youth in the state. IFC’s global expertise in structuring public private partnership projects and its wide network amongst investors will help the state to expand medical facilities and training of medical staff.
“The plan for a public private partnership to develop a Shillong teaching hospital and medical college will demonstrate in one of India's priority states that the private sector can play an important role in extending health care services to the poor. This is India's plans for inclusive growth in action,” said Rachel Kyte, IFC vice president for Business Advisory Services. "IFC's work to increase access to affordable healthcare in Meghalya reflects our strategy to support inclusive growth in India by focusing on priority, rural, and fragile regions of the country."
The project is aligned with IFC’s strategic focus on stimulating development in economically stressed regions of India, including the north east. IFC supports Meghalaya’s commitment to adopt innovative approaches to leverage the private sector to develop infrastructure and deliver efficient and high quality public services for middle- and low-income segments of the population.