IFC-led consortium funds building of new hospitals in North Africa


DUBAI — Humania has successfully closed over $100 million equity raise for its North Africa healthcare platform with investments coming from the International Finance Corporation (IFC), Danish Sustainable Development Goals Investment Fund K/S managed by the Investment Fund For Developing Countries (IFU) and Société De Promotion Et Participation Pour La Coopération Economique (Proparco) along with Bait Al Batterjee (BAB) group to expand the Saudi German Hospital network in Egypt and Morocco.

Earlier in December 2019, Humania had closed Shariah-compliant project finance for the same platform with IFC, OPEC Fund for International Development (OFID), Finnish Fund for Industrial Development (Finnfund) and European Bank for Reconstruction and Development (EBRD). This was the first Shariah-compliant project finance for all the DFIs (except IFC).

Initially, Humania plans to build a new hospital in Alexandria and a medical tower in Cairo, Egypt. The project will also include a new high-quality multi-specialty hospital in the new eco city of Zenata, Morocco. Combined, the platform is expected to have about 1,000 inpatient beds and 300 outpatient clinics.

Humania North Africa aims to provide best-in-class patient care to the region through world-class expertise and cutting-edge technologies. “Our partnership with IFC will help us make important investments during a time when the demand for quality healthcare keeps rising,” said Sobhi Abduljaleel Batterjee, Humania & BAB chairman.

“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.”

The closing and signing ceremony marks a new partnership for the BAB Group with leading multilateral development institutions who bring some of the best, yet diverse global practices. “Our partnership will help redefine the private sector’s contribution to healthcare in these countries by building and operating hospitals in line with best global practice,” added Humania Vice Chairman & BAB President Makarem Sobhi Batterjee.

IFC has led both the equity and debt rounds and is also the lead participant, contributing over $100 million to Humania North Africa. “We are very excited to continue supporting Humania, our long-term partner and client in the healthcare sector,” said Sérgio Pimenta, IFC’s vice president for the Middle East and Africa.

“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’s senior management team, which led the transaction from Dubai and Cairo, is equally excited. Thanking the financial partners, Aamir Rehan, managing director, Humania said, “Humania North Africa is a multi-country, multi-asset platform built in partnership with six global institutions from different countries that will support us in building and operating greenfield tertiary care hospitals almost simultaneously in Egypt and Morocco. The complexity of this transaction shows our collective commitment to healthcare in the region and the confidence of global institutions in us.”

Ahmed El Bakry, managing director Humania Africa, added from Cairo: “Based in North Africa, we witness, every day, the acute shortage of quality healthcare in our region, which we also saw further amplified during the COVID-19 crisis. Today marks a major milestone for us all in playing a role to address this shortage.”