Meghalaya, IFC ink deal for medical college

Updated on: Monday, November 01, 2010

The Meghalaya government has signed a memorandum of understanding with the Washington-based International Finance Corporation (IFC) to explore possibilities for private sector investment for establishment of a medical college at Shillong.

"We are delighted to sign the agreement with IFC which stands to guide the project by advisory services that would enable the state to tap private sector investment, and ability to mobilize financial and technical resource required for setting up of a proposed medical college in the state here under PPP mode," Chief Minister Mukul Sangma said after signing the MoU last evening.

The vice-president of the business advisory services of IFC Rachel Kyte said "Under the agreement, IFC will provide advisory services to the Meghalaya government in establishing its first medical college cum hospital under the PPP mode." As the lead advisor, IFC will undertake a detailed due diligence of the PPP and submit a transaction structure to the state government, she said.

After approval of the transaction structure, IFC will assist the government in implementing the transaction and managing the actual bid process and the finalization of PPP contract documents until signing of a contract agreement with a private entity. The chief minister also said that the state government would use the services of IFC in other allied sectors.

Meghalaya, IFC ink deal for medical college

More Education news