Back to the complete issue
Tuesday, 28 June 2022

IFC, EHCS partner on mega medical complex in Badr City

IFC partners with local healthcare player EHCS on medical complex: The International Finance Corporation (IFC) will advise private healthcare developer Egyptians for Health Care Services (EHCS) on its CapitalMed integrated healthcare park in Badr City, a joint press release (pdf) read. The IFC is set to advise on “designing, structuring, budgeting, and managing the project while identifying strategic investors,” according to the statement.

Construction has already begun on the first phase of the project, which should open its doors next year and is set to cost EGP 5.5 bn split between equity and debt, EHCS Chairman and Managing Director Hassan El Kalla told Enterprise. The IFC will manage the equity side of the financing, he said.

Further down the line: The private medical complex is set to include a general hospital and 19 specialist centers, and hopes to serve some 20 mn people. El Kalla described the project — which local media has previously reported to be worth EGP 18 bn overall —- as “the largest ever development for healthcare in Egypt,” adding that its four phases will take 10-12 years to complete. Huawei is reportedly responsible for the park’s smart infrastructure.

What they said: “Given the challenges facing the public healthcare system, increasing the role of private providers will be essential if Egypt wants to meet its ambitious goal of within the next eight years,” said Cheick-Oumar Sylla, IFC regional director for North Africa.

WORTH NOTING- The IFC last year launched a three-year advisory program that aims to help at least 100 local private-sector healthcare providers improve patient care

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.