Project Name
Far East Horizon Health Care Finance in Rural Areas for COVID-19 Response Project
Project Number
54366-001
Borrower / Company
  • Far East Horizon Limited
Country / Economy
  • China, People's Republic of
Location
Nation-wide
Type or Modality of Assistance
Operational Priorities
  • OP2: Accelerating progress in gender equality
  • OP5: Promoting rural development and food security
Sector / Subsector
  • Finance / Small and medium enterprise finance and leasing

Gender
Effective gender mainstreaming
Project Sponsor(s)
    Description
    Objectives and Scope
    The project entails the Asian Development Bank (ADB) providing longer-tenor financing to FEH for lease finance offered through its wholly owned subsidiary, International Far Eastern Leasing Co., Limited (IFEL), to rural county public hospitals in the PRC. The equipment financed by the loans will be used exclusively for county-level public hospitals, which primarily serve the population in surrounding rural areas. At least 60% of the proceeds will be deployed to finance leases to designated COVID-19 treatment hospitals in rural counties.
    Status of Development Objectives
    In progress.
    Status of Operation/Construction
    Operational- loan fully disbursed.
    Linkage to Country/Regional Strategy
    By financing hospitals in rural counties, the project will help address inequalities in health care access in the PRC. By promoting private sector finance for public health care investment, ADB will help develop a suitable solution for public health care finance in an upper middle-income country. The project is consistent with ADB's country partnership strategy for the PRC, 2016-2020, which emphasizes inclusive and sustainable growth and targeted interventions in the finance sector. The project is in line with ADB's operational plan for health, 2015-2020, which supports universal health coverage and identifies investing in health infrastructure and financing health service delivery as key priorities.

    Safeguard Categories

    Environment
    FI-C
    Involuntary Resettlement
    FI-C
    Indigenous Peoples
    FI-C

    Summary of Environmental and Social Aspects

    Environmental Aspects
    The project will only finance the lease or purchase of medical equipment through direct lease or sale and leaseback transactions. FEH's business activities using ADB's proceeds will have minimal or no adverse environmental or climate change impacts. The loan's potential environmental and social (E&S) impacts, and its risks associated with FEH's use of proceeds and capacity for E&S management, have been assessed based on performance in the implementation of the active ADB loan to FEH to support financial leasing of medical equipment in underdeveloped regions. The E&S measures and the institutional capacity to manage the project's E&S impacts are deemed adequate. ADB funds will not be used to finance any construction or expansion activities that may lead to adverse environmental impact.
    Involuntary Resettlement
    The project will only finance the lease or purchase of medical equipment through direct lease or sale and leaseback transactions. ADB funds will not be used to finance any construction or expansion activities that may lead to involuntary resettlement impact.
    Indigenous Peoples
    The project will only finance the lease or purchase of medical equipment through direct lease or sale and leaseback transactions. ADB funds will not be used to finance any construction or expansion activities that may lead to indigenous peoples impacts.
    Stakeholder Communication, Participation, and Consultation
    FEH maintains close communication and engagement with its identified stakeholders with active email and hotline services to accept and resolve issues or concerns from stakeholders and disseminate information. FEH also has in place a supplier feedback mechanism to manage potential environmental and social risks and publishes Corporate Social Responsibility (CSR) Report annually.

    Contact

    Responsible ADB Officer
    Rasheed, Tayyaba
    Responsible ADB Division
    Portfolio Management Division, PSOD
    Responsible ADB Department
    Private Sector Operations Department

    Timetable for assistance design, processing, and implementation

    Concept Clearance
    -
    Credit Committee Meeting
    12 Oct 2020
    Approval
    -
    Last PDS Update
    11 Oct 2023
     
    This page was generated from /projects/54366-001/main on 07 July 2024

    Source URL: https://www.adb.org/projects/54366-001/main