Avenue Group Limited, a subsidiary of Evercare Group, has announced an investment from the International Finance Corporation (IFC) to support its healthcare expansion strategy and increase its patient reach across Kenya over the next five years.
The $12.7 million loan will enable Avenue to upgrade its existing hospitals and clinics, launch new healthcare facilities, and expand its primary, secondary, and tertiary offerings.
Since its inception in 1976, Avenue has focused on improving the quality of its healthcare facilities and highly skilled medical practitioners to respond to the health needs of the Kenyan market.
Avenue Group's CEO, Imran Osman, expressed the company's commitment to providing high-quality and affordable healthcare to Kenyans, while expressing pride in the International Finance Corporation's recognition of Avenue's role in Kenya's healthcare ecosystem.
“At Avenue, we recognize the need to provide Kenyans with access to high-quality and affordable healthcare. As a leading healthcare provider in the country, we are excited about the next phase of our expansion strategy that will enhance our facilities and operations for patients and practitioners and continue to improve the country’s healthcare system. We are proud that IFC has recognized the role of Avenue to the Kenyan healthcare ecosystem, and we look forward to working together with their team to deliver more for our patients,” Osman said.
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The IFC's investment in Avenue will increase access to primary and advanced care at state-of-the-art facilities across Kenya, according to IFC Country Manager for Kenya, Amena Arif.
“IFC’s role in the healthcare sector is to complement government efforts to leverage the private sector to help meet the growing demand for quality healthcare. Our investment in Avenue will increase the availability of healthcare at state-of-the-art facilities across Kenya, enabling more people to get the primary and advanced care they need,” Arif said.
The investment from IFC is a recognition of Avenue's critical role in the Kenyan healthcare ecosystem.
Avenue currently operates three hospitals and 13 clinics, providing homecare and telehealth services to over 430,000 patients annually.
The Group has strengthened its management team, upgraded its facilities, and expanded its operations over the last three years while playing a critical role in the country's response to the COVID-19 pandemic.
IFC's investment will support the Group's expansion strategy, including additional investments in radiology and state-of-the-art operating theatre equipment, increasing specialist services through training and partnerships with clinicians, launching new clinics, and further integrating digital health services.
Most recently, Avenue expanded its reach with the launch of a new hospital in Thika and a newly built, fully in-sourced radiology department at the Parklands Hospital in Nairobi.
Leveraging the resources of the broader Evercare network, Avenue has also initiated its digital transformation journey, making significant investments in digital healthcare services and knowledge transfer systems for clinical talent.
Jide Olanrewaju, Business Unit Partner at TPG and its Evercare Health Fund, expressed his pleasure with IFC's investment, which will allow the Group to modernize and improve its facilities, equipment, and services, making Avenue a model for private healthcare in Kenya.
The investment reflects IFC's strategy to support private healthcare providers in Africa, helping them meet the soaring demand for quality healthcare and supporting governments to expand health services to all parts of the population.
Additionally, Avenue will benefit from IFC's advisory services support, such as the Excellence in Design for Greater Efficiencies (EDGE) certification program, to improve the resource efficiency at its facilities.
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