STS Hospital Chittagong Ltd, a fully owned subsidiary of STS Holdings Ltd that owns Apollo Hospitals Dhaka, has signed a $35-million loan agreement with two multilateral lending agencies to set up Apollo Hospitals Chittagong in the port city.
The deal, which was signed in Dhaka on January 28, would see the 346-bed hospital receive the loan from the International Finance Corporation, the private sector lending arm of the World Bank, and German investment and development company DEG.
The estimated cost of the hospital is $62 million. The multi-specialty and tertiary care hospital is expected to bring international standard healthcare to the people of Chittagong and adjoining areas in 2018.
Earlier, R Basil, chief executive officer of Apollo Hospitals Dhaka, had told The Daily Star that once the 18-storey structure in the port city is completed, the hospital will branch out to other major cities.
He said the management plans to set up a medical college and a nursing college in Bangladesh, and also launch a chain of pharmacies. However, there is no specific timeframe for that.
STS Hospital Chittagong's Chairman Bob Kundanmal; Managing Director Khondoker Monir Uddin; directors Mohammad A Moyeen and Tipu Munshi; IFC Country Manager Wendy Werner; and Director of DEG representative office in Bangkok Herbert Baumgartner, attended the signing event.
The hospital, a joint venture between Indian hospital chain Apollo Hospitals Enterprise Ltd and STS Holdings Ltd of Bangladesh, began its operation in Bangladesh in 2005, with its hospital in the capital. Apollo Hospitals Dhaka is the first and only hospital in Bangladesh to get JCI accreditation. The Joint Commission International (JCI) is a US-based accreditation body dedicated to improving healthcare quality and safety around the world.