China, People's Republic of : Far East Horizon Health Care Finance in Rural Areas for COVID-19 Response Project
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China, People's Republic of
|Project Name||Far East Horizon Health Care Finance in Rural Areas for COVID-19 Response Project|
|Borrower / Company||Far East Horizon Limited
|Country / Economy||China, People's Republic of
|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|
|Responsible ADB Department||Private Sector Operations Department|
|Responsible ADB Division||Portfolio Management Division, PSOD|
|Responsible ADB Officer||Siddiqui, Emaad|
|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||Operation - 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.|
|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.|
|Timetable for assistance design, processing and implementation|
|Credit Committee Meeting||12 Oct 2020|
|Approval||23 Nov 2020|
|Last PDS Update||31 Aug 2021|
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|Title||Document Type||Document Date|
|Far East Horizon Health Care Finance in Rural Areas for COVID-19 Response Project: Report and Recommendation of the President||Reports and Recommendations of the President||Oct 2020|
|Far East Horizon Health Care Finance in Rural Areas for COVID-19 Response Project: Gender Action Plan||Gender Action Plans||Oct 2020|
|Health Care Finance in Rural Areas for COVID-19 Response Project: Initial Poverty and Social Analysis||Initial Poverty and Social Analysis||Oct 2020|
Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
None currently available.
Evaluation Documents See also: Independent Evaluation
None currently available.
None currently available.
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ADB, Far East Horizon to Support COVID-19 Health Care in Rural PRCThe Asian Development Bank and Far East Horizon Limited entered a $75 million loan agreement to strengthen the capacity of rural public hospitals and indeed support COVID-19 pandemic control in the People’s Republic of China.