IFC Partners with Philips and Co-operative Bank of Kenya to Help African Healthcare Providers Access Essential Medical Equipment

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2020 sales of EUR 19.5 billion and employs approximately 82,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.

The Co-operative Bank Group ('Co-op Bank') is incorporated in Kenya under the Company's Act and is licensed to carry out the business of banking under the Banking Act. The Bank was listed in year 2008 wherein it is now the largest Co-operative Bank in Africa. The Group is one of the largest financial institutions in the region and runs five subsidiaries: Kingdom Securities Ltd, Co-optrust Investment Services Limited, Co-operative Consultancy & Insurance Agency Limited, Kingdom Bank Limited and Co-operative Bank of South Sudan. The Bank also owns a 24.8 percent stake in CIC Insurance Group and 25 percent of Co-op Bank Fleet Africa Leasing Limited. The Bank's footprint across Kenya and the region includes 156 branches in Kenya, four in South Sudan, 576 ATMs and over 23,000 Co-op Kwa Jirani agency banking outlets supporting a growing client base now standing at over 8.8 million account holders.

As part of the 19th replenishment of the International Development Association (IDA), the World Bank Group is continuing the IDA Private Sector Window (PSW) created under IDA18 to catalyze private sector investment in the poorest and most fragile countries. Recognizing the key role of the private sector in achieving IDA’s objectives and the World Bank Group’s twin goals, the window provides a source of co-investment funding and guarantees to de-risk private investments supported by IFC and the Multilateral Investment Guarantee Agency (MIGA). The IDA PSW is an option when there is no commercial solution and the World Bank Group’s other tools and approaches are insufficient.  For more information, visit: http://ida.worldbank.org/psw.

The Global Financing Facility (GFF) is a multi-stakeholder global partnership housed at the World Bank that is committed to ensuring all women, children and adolescents can survive and thrive. The GFF Trust Fund is currently supported by the Governments of Burkina Faso, Canada, Côte d'Ivoire, Denmark, Germany, Japan, the Netherlands, Norway, Qatar, and the United Kingdom; the Bill & Melinda Gates Foundation; the Susan T. Buffett Foundation; the European Commission; Laerdal Global Health; MSD for Mothers, and the Rockefeller Foundation. The GFF supports 36 low and lower-middle income countries with catalytic financing and  technical assistance to develop and implement prioritized national health plans and to maximize the use of domestic financing and external support in synergistic ways to scale up access to affordable, quality care and achieve better, more sustainable health results.