Saudi health fund raises USD 108.5 mn to invest in healthcare in Egypt and Morocco
INVESTMENT WATCH- IFC, France and Denmark give Saudi’s Humania USD 108.5 mn to invest in healthcare in Egypt, Morocco: The International Finance Corporation, France’s Proparco and the Danish Investment Fund for Developing Countries are providing a USD 108.5 mn equity financing package to Saudi healthcare investment fund Humania to establish specialized medical facilities in Egypt and Morocco, the IFC said in a statement. Humania, part of the Saudi health group Bait Al Batterjee, plans to construct a “medical tower” in Cairo and a new hospital in Alexandria, as well as a hospital in the Moroccan eco-city of Zenata. The two hospitals will contain almost 600 inpatient beds and 240 outpatient clinics between them, the statement says, but does not make clear how much of that is in Alexandria and how much would be in Zenata. The IFC is investing USD 45 mn, IFU is contributing USD 43.5 mn, and Proparco is providing the remaining USD 20 mn.
The Humania news comes as Batterjee ramps up operations in Egypt: The Saudi German Hospitals Group pledged last year to pump EGP 40-50 bn into its Egypt operations over the next 15 years. The group had previously said it was looking for finance from the IFC for its expansion drive, which in addition to Batterjee Medical City in Alexandria will include a new hospital in Cairo.
The IFC estimates that Egypt will need some USD 60 bn in investment in healthcare by 2050 “to meet rising demand.”