IFC, Proparco Invest $100m Into Humania For Investments In Healthcare In Egypt and Morocco
The IFC, a member of the World Bank group, the IFU, the Danish Investment Fund for developing countries, and PROPARCO, a subsidiary for the private sector of the French Development Agency (AFD) group, have made a capital investment of $ 108.5 million in Humania North Africa (Humania), a platform of private hospitals, helping to improve medical care in Egypt and Morocco.
Here Is What You Need To Know
- The investment envelope includes a contribution of $ 45 million for the IFC and $ 63.5 million mobilized from the IFU up to $ 43.5 million on behalf of the Danish investment fund SDG, and $ 20 million for PROPARCO.
- The financial support will help Humania to develop a network of high quality tertiary hospitals in Egypt and Morocco. This project comes at a time when the COVID-19 pandemic is putting pressure on health services in the Middle East and North Africa. For IFC, this is the second partnership with Humania in this fiscal year.
- In December 2019, IFC enabled innovative Islamic funding in the amount of $ 125 million for Humania, which is part of the Saudi health group Bait Al Batterjee (BAB). Thanks to these two partnerships, Humania North Africa will become a healthcare platform investing more than $ 360 million in the region.
- As a first step, Humania plans to build a new hospital in Alexandria and a clinic to complement the Saudi German Hospital in Cairo, Egypt. The project will also include a new high-quality multi-specialty hospital in the new ecological city of Zenata, in Morocco, a new city supported and funded by AFD.
- Together, the two hospitals will have nearly 600 hospital beds and 240 outpatient clinics. The Humania group already operates the Saudi German Hospital in Cairo with a capacity of 200 beds and is already a leader in the Egyptian market.
- The development of Humania is considered essential in these two countries where there is a shortage of doctors and hospital beds. Egypt’s health sector needs $ 60 billion in investment by 2050 to meet growing demand for medical services, while Morocco needs to improve the delivery of health care, especially for women and children.
- The project contributes to IFC’s goal of expanding the role of private medical providers in the MENA region, where public hospitals are struggling to keep up with the growing demand for medical services. The IFC invested and mobilized more than $ 286 million in fiscal year 2020 to support health care in the region.
- This investment also responds to new medical and social challenges linked to the recent global health crisis, as well as to PROPARCO’s objectives of supporting the construction and modernization of hospitals and private clinics, in order to guarantee sustainable improvement in healthcare. health.
- PROPARCO has invested in more than 1,355 additional beds in hospitals by strengthening the complementarity of public-private partnerships for quality services
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