Royal Philips : Philips and the governments of Ethiopia and the Netherlands sign seven-year agreement to build Ethiopia’s first specialized Cardiac Care Center

Amsterdam, the Netherlands and Addis Ababa, Ethiopia - Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, and the governments of Ethiopia and the Netherlands, today signed a seven-year agreement to build Ethiopia's first specialized Cardiac Care Center to address the critical shortage of cardiology services in Ethiopia. Under the terms of the agreement, valued at approximately 40 million euro, Philips will be responsible for the full turnkey design, construction, equipping and commissioning of the hospital location, as well as staff education and equipment maintenance for five years after completion. The new center will be developed within the compound of the existing Tikur Anbessa Specialized Hospital (TASH) in Addis Ababa, the capital city of Ethiopia.

The new specialist cardiac care center will comprise a 7-story building covering 7,200 square meters with three operating rooms, two cath labs, 94 beds, and full diagnostic and examination suites. Scheduled for completion in mid-2020, it is estimated that the new center will have the physical capacity to perform 500 surgeries, 1,600 cath lab diagnoses, and 500 cath lab interventions once operational.

'This is a unique project for Philips globally as we are creating an entire turnkey hospital solution,' said Jasper Westerink, CEO of Philips Africa. 'Drawing on more than 125 years' of Philips' experience on the African continent, paired with our expertise in holistic healthcare planning and hospital design, we are pleased to support the Government of Ethiopia as a strategic partner in developing and implementing an integrated approach to cardiovascular care that will enable improved treatment and outcomes for patients and clinicians.'