FC, IFU and PROPARCO Provide More Than $100 Million…
- بتاريخ :
IFC, a member of the World Bank Group, IFU, the Danish Investment Fund for Developing countriesand PROPARCO, member of the Agence Française de Développement (AFD) group, are providing an equity financing package of up to $108.5 million to ‘Humania’, a private healthcare company, to help improve medical care in Egypt and Morocco
The currentpackage includes $45 million for IFC’s own account and $63.5 million mobilized from other investors, including $43.5 million fromIFU on behalf of the Danish SDG Investment Fund, and $20 million from PROPARCO
The financial support will help Humania develop a network of high-quality tertiary hospitals in Egypt and Morocco. The project comesas the COVID-19 pandemic puts pressure on healthcare services in the Middle East and North Africa.For IFC, this isthe second partnership with Humania this fiscal year. In December 2019, IFCspearheaded aninnovative Islamic financing package worth up to $125 million for the company, which is part of the Saudi Arabian healthcare group Bait Al Batterjee. With these two partnerships, Humania North Africa has become a $360million healthcare platform
“Our partnership with IFC, IFU and PROPARCO will help us make important investments during a time when the demand for quality healthcare keeps rising,” said Sobhi Abdul Jalil Batterjee, Humania & BAB Chairman “It will allow us to provide affordable, high-quality healthcare, including specialist services, as Egypt and Morocco contend with COVID-19
Our partnership will help redefine private sector’s contribution to healthcare in these countries by building and operating hospitals in line with best global practices,” addedHumania & BAB Vice Chairman Makarem Batterjee
Initially, Humania plans to builda new hospitalin Alexandria and a medical tower in Cairo, Egypt. The project will also include a new high-quality multi-speciality hospital in the new eco city of Zenata, Morocco. Combined, the two hospitals will have nearly 600 inpatient beds and 240 outpatient clinics
We are very excited to continue supporting Humania, our long-term partner and client in the healthcare sector,” said Sérgio Pimenta, IFC’s Vice President for the Middle East and Africa
“Today’s agreementis a testament to the strength of our partnership with IFU and PROPARCO. This project is a good example of howthe private sector can be leveraged to expand access to medical care, strengthen human capital, improve social inclusionand spur innovation in the health systems of Egypt and Morocco
Humania’s growth is considered key in both countries where there are shortages of doctors and hospital beds
Egypt’s healthcare sector needs $60 billion in investments by 2050 to meet rising demand for medical services, while Morocco is facing a need to improve healthcare delivery, especially for women and children
Lars Krogsgaard, IFU’s Chief Investment Officer, said, “We are very pleased that we by investing in Humania can contribute to increasing capacity and introducing high-quality service to the underserved healthcare sector in Egypt and Morocco. We are convinced that the investment will benefit the patients and serve as an important part of the countries’ ambition to secure universal healthcare coverage
Khimdjee Djalal, Deputy Chief Executive Officer, Proparco, said, “PROPARCO is very glad to contribute, under the impulse of the Batterjee Family and in partnership with IFC and IFU, to the development of the health sector in North Africa through Humania North Africa. We have full confidence in the experience of the Middle East HealthCare Company to help bridge the structural healthcare deficit of the region and provide quality services for the betterment of the quality of life of the population. This transaction has a particular importance for PROPARCO as the region is currently facing the COVID-19 crisis which highlights the critical need to develop quality and resilient healthcare systems in countries such as Morocco and Egypt
The projecthelps further IFC’sgoal to expand the role of private medical providersin MENA, where public hospitals are struggling to keep pace with a rising demand for medical services. IFC has invested and mobilized more than $286 million in Fiscal Year 2020 to support healthcare in the region
