Norsad Capital, an impact investor and private creditor provider, has structured a facility to help Ruai Family Hospital (under the transaction advice of Noble Stride Capital) improve access to affordable oncology healthcare for the lower and middle-income residents of Nairobi.
Kenya faces enormous healthcare challenges, specifically in populated areas of Nairobi where there are limited or no full-service healthcare providers. Cancer ranks as the third highest cause of death and the second most prevalent noncommunicable disease following cardiovascular diseases in Kenya. And, according to RFH, the occurrence of cancer is on the rise with reported figures of 47,887 new cases in 2018 and 42,116 new cases in 2020.
“The growing demand for affordable cancer diagnosis and treatment and the overflow of public hospitals, due to the lack of critical equipment, has prompted us to deliver this service to the Kenyan populace,” says Dr. Maxwel Okoth, Founder and Group Managing Director at RFH.
“Our primary objective is to ensure accessibility to the best medical practices and cutting-edge technological advancements, all delivered at affordable prices, to serve the needs of patients. Norsad’s investment will enable us to complete the construction of the oncology centre which will provide access to high-quality oncology treatment and care to cancer patients across Africa,” he adds.
Moreover, the cash injection aims to create significant job opportunities for the local community throughout the construction and operation of RFH’s the oncology centre. Local businesses will also benefit financially from the project as materials will be sourced from within the community. Overall, the project will provide economic benefits for the local population, thus stimulating economic activity in Nairobi.
“With Norsad’s strategy of diversifying into Sub-Saharan Africa, we are thrilled to have the opportunity to fund the growth strategy of RFH. The funding provided will play a crucial role in helping RFH complete its oncology centre which will offer comprehensive care and diagnostic services such as PET Scans, linear accelerator scans, MRI Machines, CATHLAB, Mammograms and others,” says Alice Zulu, Investment Director at Norsad Capital.
The investment supports Norsad’s commitment to expanding soft and social infrastructure, which aims to provide greater healthcare access to underserved communities. Moreover, the project aligns with the fundamental human rights of access to good equitable healthcare and well-being targeting the United Nations Sustainable Development Goals (SDGs) 3 (good health and wellbeing) and 10 (reduced inequalities).
“We recognise the importance of access to healthcare and its alignment with our aspiration of building a better Africa,” continues Zulu, adding that a strong healthcare system not only supports sustainable livelihoods but also enhances the overall quality of life for the population.
With origins dating back to 2011, RFH Healthcare emerged as a modest venture, having its roots in a one-bedroom apartment. Today it stands as a true leader in championing female empowerment; fulfilling the 2X Challenge’s investment criteria on leadership (with female board) representation, employment and consumption as RFHprovides access to maternity wards, gynaecologists, obstetricians, and other specialised services for women.