NORTH AFRICA – Humania, a private healthcare company has secured US$108.5 million in equity funds from IFC, IFU and PROPARCO to help improve medical care in Egypt and Morocco.
A statement from IFC revealed that the equity package includes $45 million for IFC’s own account .
US$63.5 million was mobilized from other investors, including $43.5 million from IFU on behalf of the Danish SDG Investment Fund, and US$20 million from PROPARCO.
IFC stated that the financial support will help Humania develop a network of high-quality tertiary hospitals in Egypt and Morocco.
The project has been hailed by IFC as crucial especially at a time when the COVID-19 pandemic puts pressure on healthcare services in the Middle East and North Africa.
For IFC, this is the second partnership with Humania this fiscal year.
In December last year, IFC spearheaded an innovative 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 $360 million 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,” the Humania Chairman added.
Initially, Humania plans to build a new hospital in 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.
According to IFC, 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.
Humania’s growth is thus considered key in both countries where there are shortages of doctors and hospital beds.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE