Junta De Beneficencia Announces Expansion Of Alfredo G. Paulson Maternity Hospital In Guayaquil

NEW YORK and GUAYAQUIL, Ecuador, June 5, 2013 /PRNewswire/ -- The Junta De Beneficencia ("The Junta") today announced the expansion of the new Alfredo G. Paulson Maternity Hospital, which has been in construction since John Paulson and The Junta pledged a $30 million donation in November 2010 to build the largest maternity hospital in South America.

The expanded project will now include a 7500 square meter increase to a total size of approximately 33,000 square meters. The new plans also include various improvements and upgrades to the initial design. As a result of these changes, the budget has been increased to $44 million, with the increase being equally shared by The Junta and the Paulson Family Foundation. Each party will now contribute $22 million, up from the initial budget of $15 million.

John Paulson, President of the Paulson Family Foundation, said: "We are all excited about the new maternity hospital and the progress made to date. When completed, the new hospital will be the largest maternity hospital in South America with over 437 beds for women and 499 cribs for newborns."

Oscar Orrantia, former Director of the Junta and now member of the commission in charge of the construction of the new maternity hospital, said: "We are well on our way to completion and are on target to open our doors in August 2014. This will be a great addition to health care in Guayaquil and will benefit tens of thousands of new mothers and children every year."

The Children's Hospital of the Junta combined with the future Alfredo G. Paulson Maternity will be the biggest Hospital complex serving mothers and children in South America. The Historic Sotomayor Maternity Hospital, Ecuador's primary health care facility was founded in 1948 with three outpatient facilities, 222 beds, and all the required services for a hospital at the time. More than 2 million people have been treated there, and more than 1.5 million births have taken place there. Unfortunately, after 62 years of stellar community service the hospitals' demand has outpaced its capacity. The expanded Alfredo G Paulson Hospital will establish a modern children and maternity complex. The planned facilities will be built upon a 92.000 square meter plot, consisting of five floors measuring in total 33,341 square meters, and a 353 cars parking lot.

Alfredo Paulson was born in Guayaquil in 1923. Alfredo moved to the United States in 1944, serving in the military during WWII. After the war he graduated from the University of California, Los Angeles, and was later granted U.S. citizenship, living in the United States until he passed in 2002.

The Ecuadorian Paulson family is originally from Norway, immigrating in 1890. Alfredo's brother, businessman Juan F. Paulson, remained in Guayaquil, and also became known for his charitable work. Many other members of the Paulson family live in the city.

About the Paulson Family Foundation and John Paulson
The Paulson Family Foundation was formed by John Paulson to make charitable gifts to organizations. John Paulson is the President and Portfolio manager of Paulson & Co. Inc. ("Paulson"), an investment management company with offices in New York, London and Hong Kong. Mr. Paulson serves on the Board of Trustees of New York University and the Dean's Advisory Board of the Harvard Business School.

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SOURCE Paulson Family Foundation