IFC, a member of the World Bank Group, is the lead arranger for an Islamic financing package of up to US$125m to Humania, a private healthcare company, to help expand health services and improve medical care in Morocco and Egypt.
“Healthcare and development are inextricably linked,” said Sobhi Batterjee, chairman of Humania. “Our partnership with IFC will allow us to provide world-class healthcare to more patients in Egypt and Morocco, and thus play a role in improving the healthcare systems and well-being of the communities in these countries.”
IFC will provide Humania with a US$35m Islamic facility for its own account and is the lead arranger for the rest of the financing from the Finnish Fund for Industrial Cooperation Ltd (Finnfund), OPEC Fund for International Development, European Bank for Reconstruction and Development, and the IFC Managed Co-Lending Portfolio Program (MCPP).
MCPP is a syndications platform that offers institutional investors the ability to participate passively in IFC’s future senior loan portfolio.
The financing will help Humania develop a network of multispecialty hospitals and healthcare assets in Egypt and Morocco. The first phase of its investment program includes three hospitals and a medical tower with nearly 600 inpatient beds and 240 outpatient clinics. The company’s growth is considered key in both countries, where there are shortages of doctors and hospital beds.
Egypt’s healthcare sector needs US$60bn in investment by 2050 to meet rising demand for medical services, while Morocco is also facing a need to improve healthcare delivery, especially for women and young children.