SINGAPORE, Sept. 30, 2021 /PRNewswire/ -- 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. The IRF is supported by the U.S. International Development Finance Corporation (DFC), the U.S. Agency for International Development (USAID), and the Australian Department of Foreign Affairs and Trade (DFAT).
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.
"Indonesia needs a robust healthcare sector to minimize the health and economic impacts of the pandemic," said John Kosasih, Managing Director at BCA. "ICS' tech platform enables BCA to finance SME healthcare loans with confidence that our risk will be effectively managed while delivering social impact."
Recently, Indonesia has experienced a surge of COVID-19 cases, with more than 40,000 daily reported infections at their peak. The healthcare sector has faced severe pressure with hospital occupancy above 80% in many provinces at some points, making financing for vaccines, medical oxygen, and patient care more urgent than ever.
"The ongoing COVID-19 crisis illustrates the dangers that unexpected shocks pose to health care systems, economies, as well as patients and their families," said Ryan Washburn, the Mission Director for USAID Indonesia. "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," added Washburn.
Women have been at the forefront of COVID-19 response, making up a majority of the frontline healthcare professionals and community health workers, yet are disproportionately affected by the crisis. 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.
SOURCE Impact Credit Solutions