PharmAccess' Medical Credit Fund (MCF) Recognized at G20 Summit
The Center for Health Market Innovations would like to congratulate its collaborator, the PharmAccess Foundation, for being selected as one of three people’s choice winners of the G20 challenge meant to highlight the best models that catalyze finance for small and medium enterprises.
Over the past two years, PharmAccess has developed and implemented the Medical Credit Fund (MCF), a non-commercial social investment fund that provides doctors and clinics in sub-Saharan Africa access to affordable loans to expand their practices and invest in quality improvements. MCF financing is offered under more favorable borrowing conditions than those available from commercial lenders and is supplemented with technical assistance on business administration and quality improvement. Loans are linked to a defined upgrade plan that is performance based, meaning, providers that show improvements in quality are eligible for larger loans. Working closely with implementation partners across Africa, the MCF is currently active in Ghana, Kenya and Tanzania, and expansion is planned to several other African countries during 2011-2013.
Onno Schellekens, Chairman of the MCF, accepted the award from South Korean President Lee Myung-bak, Canadian Prime Minister Stephen Harper and President Barack Obama at the G20 Summit, held in Seoul, South Korea on November 11-12, 2010.
Congratulations to everyone at PharmAccess and the Medical Credit Fund!