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 universal healthcare coverage 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