IFC Anchors First Healthcare Social Bond in the Caucasus to Improve Care in Georgia
IFC is anchoring a landmark 350 million Georgian lari (approximately $130 million) social bond issuance by Georgia Healthcare Group (GHG), the country’s largest healthcare services provider, by subscribing to 40 million lari. This initiative aims to expand access to healthcare in Georgia, particularly high-quality oncology care. Marking the first healthcare sector social bond in the Caucasus, it is also the region’s largest corporate social bond and Georgia’s biggest local-currency corporate bond issuance to date.
Issued under GHG’s Social Bond Framework, which aligns with the International Capital Market Association’s Social Bond Principles, the bond will fund projects that enhance preventive and outpatient care.
With cancer as one of Georgia’s leading causes of death, the focus is on shifting from reactive treatments to early detection and prevention, improving patient outcomes and reducing the burden on the healthcare system. This includes expanding outpatient services, especially in rural areas, and boosting the frequency of outpatient visits. Improving the availability of preventive care is critical not only to patient well-being but also to the overall efficiency and sustainability of the healthcare system.
Beyond healthcare improvements, the bond issuance is expected to support the development of Georgia’s capital markets by increasing the depth of local-currency instruments. Currently, only about one-third of corporate bonds in Georgia are issued in the local currency. With its five-year maturity and lari denomination, this bond offers investors the opportunity to pursue both financial returns and measurable social impact while reinforcing market stability and investor confidence in local instruments.
The initiative also aligns with broader development goals by promoting human development and job creation. Enhanced healthcare access supports increased labor-force participation and income opportunities. In Georgia, the private sector owns 86 percent of hospital beds and plays a dominant role in outpatient and diagnostic services, making private sector-led healthcare investments particularly impactful.
IFC’s participation in this bond issuance is part of the World Bank Group’s larger strategy to expand affordable, quality healthcare and strengthen Georgia’s capital markets. Since 1995, IFC has provided approximately $2.7 billion in long-term financing to support private sector growth in Georgia. This includes nearly $1.2 billion mobilized from partners across 74 projects in financial services, agribusiness, manufacturing, and infrastructure. Additionally, IFC has facilitated over $433 million in trade through its trade finance program and carried out several advisory initiatives to support private sector development.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Operating in over 100 countries, IFC uses its capital, expertise, and influence to create markets and drive opportunities in developing regions. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions, leveraging private capital to tackle global challenges and promote sustainable development.
Georgia Healthcare Group, the issuer of the bond, is the country’s largest healthcare provider, operating a nationwide network of 50 hospitals, clinics, and a laboratory. Offering a wide range of inpatient and outpatient services, GHG is focused on delivering accessible, high-quality, patient-centered care. Through innovations such as its digital health platform, the company is playing a key role in modernizing Georgia’s healthcare landscape.
By Team GT
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