The New Nation - Internet Edition

BUSINESS REPORT

Grameen Healthcare Trust and the Saudi German Hospital Group of Saudi Arabia on Tuesday signed a cooperation agreement for the establishment of a trust to build social business hospitals in Bangladesh, which will bring health services to the poor and disadvantaged people of Bangladesh.

Dr Ahmed Mohamed Ali, President of Islamic Development Bank was the chief guest at the signing ceremony.

Several international figures participated at the signature ceremony that took place at Grameen Bank headquarters in Dhaka, including the Saudi Charge d'Affaires in Bangladesh, representatives of General Electric Healthcare-USA, and several others.

Nobel Laureate Professor Muhammad Yunus and Engr Sobhi Batterjee, President of the Saudi German Hospital Group (SGHG), a leading provider of medical services in the Middle East, met in Dubai January 2008 and decided to embark on a collaboration of setting up social business hospitals in Bangladesh and beyond.

The Trust will be dedicated to the social goal of providing primary and secondary healthcare to the people it will serve, particularly to the poorest and most disadvantaged people. Its activities will encompass the setting up of companies to establish hospitals, health clinics, and other health-related services. The first hospital to be established by the trust, named 'AI Sabeel-Grameen Hospital', will be a 50 bed hospital. On the basis of the demonstrated success of the first hospital, there will be more hospitals built around Bangladesh under this partnership.

A social business is a business that operates on the principle of "non-loss and non-dividend." It will be free to make profit, but that profit cannot be transferred to any shareholder, except to pay back amounts invested by such shareholder in the business. All other profits of the business is invested back to expand or improve the company's capacity to achieve the social goal for which it is established.

Professor Yunus said,"We are very happy to collaborate with the Saudi German Hospital Group on social business hospitals in Bangladesh. After establishment of our first 50-bed hospital, we hope to create several such hospitals for the benefit of the poor and disadvantaged. We look forward to our partnership with the Saudi German Hospital Group."

Engr Sobhi Batterjee, President of the Saudi German Hospital Group said, "Saudi German Hospital Group will bring expertise in building and running hospitals. Grameen will bring its expertise in reaching the grassroots population with services. We are looking forward to this collaboration."

President of Islamic Development Bank, Dr Ahmad Mohamad Ali Al-Madani said: "The IDB will be an active partner in ensuring the success of this partnership".

Professor Yunus mentioned that the hospital would be built on 10 acres of donated land. He invited people willing to donate land close to Dhaka City to contact him. He said that the hospital will be expanded in the future.

Engr Batterjee added, "by having Grameen Bank on board we have completed the set of partnership we have been working on for the last two years. Today, we have The Consolidated Contractors Company (CCC) who will donate for the hospital, plus participating in the construction work if needed. We have GE Healthcare donating the diagnostic equipments for free. We have Islamic Development Bank, and International Finance Corporation of the World Bank ready to provide us with the rest of investments needed".