Mumbai: The United States Agency for International Development (USAID) today issued a loan guarantee to RBL Bank Limited providing loans totaling $9 million to Wellspring Healthcare Private Limited (Healthspring). This is the first loan guarantee that USAID will provide in the health sector in India through its Development Credit Authority (DCA).
Healthspring operates a network of quality primary healthcare centers that provide expert doctor services including 24×7 emergency response, diagnostics and support services. With the help of USAID’s loan guarantee, RBL Bank will provide debt financing to Healthspring to expand into new regions and grow its network of family health clinics from the current 30 to 300 centers, covering 3 million people across India.
Elaborating on USAID’s decision to serve as a loan guarantor, Ambassador Jonathan Addleton, USAID Mission Director to India, said, “Improving access to quality, essential primary healthcare services is one of USAID’s most important goals in India. This loan guarantee will expand affordable, quality healthcare services in urban areas through an innovative integrated private primary care network in Mumbai and other major cities.”
Mr. Kaushik Sen, Co-Founder and Chief Executive Officer, Healthspring, said, “Healthspring’s innovative model has demonstrated that high-quality primary healthcare can be provided at affordable cost. It has shown that the private healthcare sector can help in improving access and utilization of primary health services, significantly improve health outcomes and reduce out-of-pocket health expenditures. We are excited and honoured to partner with RBL and USAID to continue to rapidly increase the number of people benefitting from high-quality primary care.”
Mr. Vishwavir Ahuja, Managing Director & CEO, RBL Bank, said, “The healthcare sector in India is largely dominated by unorganized private players that offer a limited range of services and often are not able to scale up their infrastructure and delivery standards. RBL Bank is happy to partner with Healthspring – a company with an innovative business model dedicated to providing affordable, quality healthcare services. As a bank, we have stayed focused on serving the needs of emerging and fast growing enterprises, newer businesses and important industry segments of the Indian economy. This financing structure, leveraging USAID’s strengths and RBL’s India expertise, will enable Healthspring to expand and transform healthcare delivery in India.”
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