Aspen Medical provides innovative healthcare solutions such as staffing logistics, project management, facilities, training and consultancy in remote, challenging or under-resourced environments.
Aspen Medical needed finance to deliver a contract with the UAE Government to construct and operate six primary healthcare centres in regional Abu Dhabi. With an overseas-based project, Aspen Medical was unable to secure finance from Australian banks and approached us for support.
We provided a US$11.9m loan to help Aspen Medical establish itself as a trusted primary healthcare provider in the UAE and strengthen relationships for future opportunities in the region.
Aspen Medical is an Australian-owned, multi-award-winning company which provides innovative healthcare solutions such as staffing logistics, project management, facilities, training and consultancy in remote, challenging or under-resourced environments.
Working in Mining, Oil and Gas, Government, Humanitarian and Defence, Aspen Medical’s operations have included running Ebola clinics in Sierra Leone and trauma and maternity clinics in Mosul, Iraq. When the business was contracted by the Commonwealth government to provide medical services to the Regional Assistance Mission Solomon Islands, it was the first time a private company had been engaged to provide outsourced medical services in a deployed military environment.
When Aspen Medical won a contract with the United Arab Emirates (UAE) Government to construct and operate six primary healthcare centres in regional Abu Dhabi, jurisdictional issues meant that banks couldn’t support with finance for the project. That’s when the business turned to Export Finance Australia.
Export Finance Australia has allowed us to establish ourselves here as a major primary care provider to the UAE.
General Manager Middle East, Aspen Medical
Export finance in record time
Aspen Medical’s General Manager Middle East, Sudeep Acharya said that without Export Finance Australia, sourcing finance for the capital-intensive project would have been difficult and extremely expensive.
“In this project, because we are building the healthcare centres, and we are owning an asset, we need a lot of capital.”
“All of our collateral and assets are in Australia, and they do not fall under the jurisdiction of the local UAE bank,” he said.
“So, we face that imbalance of having assets in one place, but needing loans and finance in a completely different jurisdiction.”
The business contacted Export Finance Australia and explained its financing needs. Business Development Director Charith Amarasinghe understood the problem immediately and moved quickly to make all the necessary checks and assessments.
“Charith and the team were fantastic,” said Acharya. “Once we provided all the information, they were able to come up with a solution and gave us credit at commercial terms in record time”
Helping Australian business succeed internationally
We provided a direct loan for US$11.9 million, to help with the clinics’ design, construction and operation.
Acharya says that the project is just the start of a promising relationship in the region, with the potential for many more clinics to be built over the coming years.
“Export Finance Australia has allowed us to establish ourselves here as a major primary care provider to the UAE – giving us the chance to win more work here,” said Acharya