Healthcare company Humania has raised more than $100m in equity funds from the International Finance Corporation (IFC), Investment Fund For Developing Countries (IFU) and PROPARCO to help enhance medical care in North Africa.
The plan is to expand the Saudi German Hospital network in Egypt and Morocco.
Operating the Saudi German Hospital network, Humania North Africa aims to use expertise and technologies to deliver patient care in the region.
Initially, Humania intend to construct a new hospital in Alexandria and a medical tower in Cairo, Egypt. Also, the project will include a new multi-specialty hospital in Zenata, Morocco.
Overall, the project is expected to deliver approximately 1,000 inpatient beds and 300 outpatient clinics.
Humania and BAB chairman Sobhi Abduljaleel Batterjee said: “Our partnership with IFC will help us make important investments during a time when the demand for quality healthcare keeps rising.
“It will allow us to provide affordable, high-quality healthcare, including specialty services to the community in Egypt and Morocco as they contend with the impact of Covid-19.”
IFC has led the equity and debt rounds and is the lead participant, providing more than $100m to Humania North Africa.
IFC Middle East and Africa vice-president Sérgio Pimenta said: “Today’s agreement is a testament to the strength of our partnership with IFU and PROPARCO.
“This project is a good example of how the private sector can be leveraged to expand access to medical care, strengthen human capital, improve social inclusion and spur innovation in the health systems of Egypt and Morocco.”
Humania North Africa is a multi-country, multi-asset platform established in collaboration with six global institutions from various countries to build and operate tertiary care hospitals in Egypt and Morocco.