Healthway Medical Corporation says the company has agreed to place out 108 million new shares to International Finance Corporation (IFC), a member of the World Bank Group, at 13 cents per share.

This equity investment is part of the US$25 million ($35 million) financing package from IFC, which comprises a US$15 million senior loan and equity of US$10 million, to fund the group’s expansion plans in China.

Healthway Medical says with this first part of the IFC financing package in place, it sets the stage for the company to play an important role in China where it will broaden access to high-quality affordable medical care and set standards in health management and patient-care practices for the local community.

Healthway Medical will initially develop and manage a network of primary and ambulatory facilities in several districts in Shanghai. The investment will subsequently be expanded to neighbouring provinces and interior regions of the country whose populations do not have access to affordable quality care.

Investment in other types of medical institutions, including secondary hospitals, maternity homes, and elderly centres will also be considered at a later stage.