By Bizodisha Bureau, Bhubaneshwar, February 8, 2016 – International Finance Corporation [IFC], the investment arm of the World Bank Group, on Monday announced to partner with Odisha to improve health infrastructure under a public-private-partnership mode in the state by developing 12 specialty hospitals.

As the lead transaction advisor, IFC will structure the rollout of low-cost hospitals that will offer quality medical care at affordable prices to all residents, especially those living in smaller towns and rural areas.

Under the Odisha Affordable Healthcare Project will develop between up to a dozen hospitals with 50-200 beds each. At its full capacity of 2,400 beds, the project will increase overall beds in the state by 8 percent and increase availability of private beds by 15 percent. The project is the first large and systematic roll-out of hospitals under the PPP mode in India, a press release issued here by the IFC said.

“The Government of Odisha has taken a lead in developing practical and larger-impact models involving private-sector partnerships to provide critically-needed health infrastructure. This project will create affordable healthcare facilities on a decentralized model. It will provide cost-effective, quality, and efficient healthcare services to ensure better health outcomes, especially for the economically disadvantaged,” said the state health and family welfare principal secretary Arati Ahuja.

“IFC will bring its global expertise in PPPs and healthcare services and experience in engaging with potential investors to the project”, she added.

The project is expected to attract private investments of between $30-50 million. In the past, IFC has worked with the Odisha government to promote private sector-led growth in the strategic sectors of agribusiness and tourism and implemented PPP projects in sectors such as energy-efficient street-lighting and solid waste management.

“Improving health outcomes for the underserved and in the priority low-income states has been a special focus for all our work in IFC. Public and private partnerships (PPP) can help create the right mix and balance for society’s need for affordable public health services with the private sector’s need for reasonable returns,” said Jun Zhang, IFC’s India Country Head.

“Odisha government is our long-standing partner. This project will offer modern and good quality medical care at affordable prices to people of the state and help create an inclusive and equitable health sector.”

India is IFC’s top country exposure, globally. IFC’s committed portfolio in India is over $5 billion as of June 30, 2015.

Besides, , IFC is focused on boosting financing in infrastructure and logistics, promoting financial inclusion, helping create conditions to attract increased private capital, and helping structure public-private partnerships to strengthening local capital markets in India