In a bid to provide funding for private health facilities, top tier Fidelity Bank Ghana Limited (FBGL) and the United States Agency for International Development (USAID) have signed a $3.9 million deal that will see laon facilities availed for private hospitals and clinics accredited by the country’s National Health Insurance Authority (NHIA) or those seeking NHIA accreditation.
A statement issued by the Global Media Alliance said the USAID will, through its Strengthening Health Outcomes through the Private Sector (SHOPS) program, provide direct support to both Fidelity Bank and borrowers under the proposed facility. It explained that the agreement would help unlock new products that would facilitate health care financing in the country and address the high cost of health care, which remains a major barrier to access, especially for the poor who spend a greater share of their household income to meet their health care needs.
USAID has used similar models in other African states to support sectors with high prospects for growth, the statement added, stating that since 1999, USAID has been designing and delivering alternatives to unlock financing for entrepreneurs in the developing world.
USAID said the partnership with Fidelity Bank would improve accessibility to credit facilities for promotion of growth in the health sector, while the bank said the initiative would strengthen its Corporate Social Responsibility position whilst building specialization and brand knowledge in the health sector.
The Mission Director of USAID-Ghana, James Bever, lauded Fidelity Bank’s initiative saying, “I am proud to sign this agreement with Fidelity Bank, partnering with financial institutions that are eager not only to make profits but to help improve the country’s health care system.”