IFC, IFU and Proparco are making an equity investment of over USD 100m to improve the health sector in Egypt and Morocco

The project sponsor is Bait Al Batterjee Medical, a family-owned conglomerate based in Saudi Arabia, which has been operating in the health industry in the MENA region for over 30 years. Through the Saudi German Hospitals Group, it owns and operates 11 hospitals in Saudi Arabia, the United Arab Emirates, Yemen and Egypt. Humania’s facilities will be managed under the Saudi German Hospital label and will provide the same high-quality service.

PROPARCO has made a USD 20m equity investment in the private hospital platform Humania North Africa (“Humania”), which operates under the Saudi German Hospital (SGH) label in Egypt and Morocco. This investment is part of a regional healthcare platform with USD 360m of financing, including USD 125m of Islamic financing structured by IFC, FINNFUND and EBRD and USD 235m of equity financing from Proparco, IFC, IFU and the Batterjee family (Project Sponsor).

The Humania health platform will comprise 4 hospitals and clinics in Cairo, Alexandria and Casablanca. This will increase the capacity and allow high-quality care to be introduced in line with international standards. The first hospital, SGH Cairo, has been in operation for four years and has a capacity of 200 beds. The platform will be completed by the construction of a hospital in Alexandria (SGH Alexandria), which will be operational in late 2021, a hospital in Morocco (SGH Zenata) and a medical tower in Cairo (MT Cairo), which will both be operational in late 2022. When all the hospitals and clinics have been set up, the platform will add 550 beds and benefit 1.3 million patients a year.

This project should have the following impacts:

• Improved access to health services for about 985,000 more people over the next five years, with a total of 1.3 million patients (inpatients and outpatients). The capacity of the SGH Zenata, Alew West and Medical Tower Cairo health facilities should increase by 375 beds over the next five years, with a total of 550 beds.
• Support for some 6,700 direct and indirect jobs over the next five years, including over 4,000 jobs created. Women should account for over 50% of the direct jobs in the next five years.
• The transfer of knowledge and technologies (including an electronic medical record system and quality control).