IFC, a member of the World Bank Group will be a lead arranger that provides an Islamic financing package of $125 million to aid the expansion of health services and develop medical care in Morocco and Egypt.
IFC will grant Humania, a private healthcare company, with a $35 million Islamic facility, while bienh 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).
Through the financing Humania will be able to develop a network of multispecialty hospitals and healthcare assets in Egypt and Morocco.
The first phase of its investment program encompasses establishing 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 is in need of $60 billion investments 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.
