Friday, 02 December 2022

Indonesian commercial banks to finance the Indonesian healthcare sector

30 September 2021 | News

Impact Credit Solutions and Bank Central Asia partner to manage and strengthen US$40 million Indonesian Resilience Fund (IRF) allowing healthcare services and supply chains to stay in operation

Photo Credit: Freepik

Photo Credit: Freepik

Bank Central Asia (BCA), a leading Indonesian commercial bank, and Impact Credit Solutions (ICS) have partnered to offer affordable financing to the Indonesian healthcare sector during the COVID-19 pandemic.

BCA has committed to participating in the US$40 million Indonesian Resilience Fund (IRF) managed by ICS to finance hospitals, clinics, pharmacies, and other participants in the healthcare supply chain. 

As of August 2021, the IRF had reached 108 healthcare providers, including 67 hospitals, across 31 provinces in Indonesia. The IRF has financed the delivery of medical equipment, supplies, and services, ranging from oxygen concentrators to personal protective equipment. 

John Kosasih, Managing Director at BCA, said "ICS' tech platform enables BCA to finance SME healthcare loans with confidence that our risk will be effectively managed while delivering social impact."

Ryan Washburn, the Mission Director for USAID Indonesia said, "BCA's contribution will strengthen the Indonesia Resilience Fund (IRF), allowing healthcare services and supply chains to stay in operation and more Indonesians to get the healthcare they need to survive this pandemic".

The IRF's gender lens investment framework, co-developed by ICS, DFC, DFAT, and USAID, helps ensure that financing reaches cross-cutting beneficiaries like women-led businesses, healthcare workers, and patients.

Vice President of DFC's Office of External Affairs and Head of Global Gender Equity Initiatives Algene Sajery said, "DFC is pleased to partner with USAID, DFAT, and ICS to continue to support this innovative gender-lens investment vehicle that will provide critical access to credit for Indonesia's health care sector that is currently grappling with the COVID-19 crisis. In the long term, the IRF will help strengthen Indonesia's health system, and support the economic resiliency of women-owned and other small businesses in the country."

"Partnering with leading banks like BCA enables us to deliver the needed liquidity in the healthcare sector, to ensure families receive adequate medical care and supplies during this pandemic," said Dewi Wiranti, Indonesia Country Head at ICS.

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