PharmAccess mobilizes public and private resources for the benefit of doctors and patients through clinical standards and quality improvements, loans for healthcare providers, health insurance, mHealth innovations and operational research.
Just a day before Universal Health Coverage Day, the Dutch Ministry of Foreign Affairs launched a new partnership with Medical Credit Fund (MCF) and announced its commitment of EUR 7.5 million to the work of MCF.
The COVID-19 pandemic has clearly demonstrated the importance of well-functioning health systems. With 50% of healthcare in sub-Saharan Africa provided by private healthcare providers these facilities are under increased pressure. With the need to react appropriately to the pandemic, an increase of expenditure to protect and train their staff whilst seeing their revenues decline as patients are unable or unwilling to seek care.
The Medical Credit Fund (MCF) works with small and medium health enterprises (health SMEs) in Africa to grow their business and improve their quality of care. To date, MCF has disbursed around $100 million in capital to health SME’s. Through its digital loan product health SMEs can access working capital loans on their mobile phone. MCF is therefore well placed to respond to the current climate for health SMEs and avoid closures of healthcare facilities in a health system that is already overstretched.
The EUR 7.5 million support of the Dutch Ministry of Foreign Affairs enables MCF to continue the critical work to support private healthcare provision in sub-Saharan Africa.
Pascalle Grotenhuis, Director Social Development, Dutch Ministry of Foreign Affairs: ‘’Private providers play a very important role containing the pandemic but also to continue health services for patients with other diseases. With this partnership we enable MCF to scale, to inspire other investors to follow our example, but most importantly – to allow facilities to stay open so people can stay healthy’’
Ben Christiaanse, Board Member, Medical Credit Fund: ”Over the past years MCF has demonstrated that the health sector is bankable. Around 95% of our clients paid back their loans on time – even during COVID-19, and over 85% improved their quality of services. The agreement with the Ministry makes us able to reach many more investors and show them that the health sector is a healthy sector.”
Rhoda Jura-Kriek, Medical Director & Founder, Amber Medical Clinics, Kenya: ”Being a medical practitioner with not much in terms of collateral and revenue history, accessing finance from a local bank is close to impossible. The MCF loans have helped us to grow and purchase an ultrasound machine and dental unit. The fact that these loans are digital makes this service very fast and its limited requirements completely eliminates the gender bias that female entrepreneurs face when accessing credit”
Dorien Mulder, Investment Manager, Medical Credit Fund: ‘’Many Africans rely on small private healthcare providers. These are the facilities we serve, with loans and technical assistance to improve the quality of care they deliver. The continued partnership with the Dutch Ministry of Foreign Affairs enables us to raise other funding and disburse EUR 400 million in loans and support healthcare providers at a time when they need it most’’.
For more information on this partnership please contact:
Jeltsje Boersma, PR & Communication
j.boersma@pharmaccess.org
