IFC leads Islamic financing package for hospitals in Morocco, Egypt

The International Finance Corporation is the lead arranger for an Islamic financing package of up to $125 million to fund the construction of hospitals in Egypt and Morocco.

IFC will provide Humania with a $35 million Islamic facility for its own account and is the lead arranger for the rest of the financing from the Finnish Fund for Industrial Cooperation Ltd (Finnfund), OPEC Fund for International Development, European Bank for Reconstruction and Development, and the IFC Managed Co-Lending Portfolio Program.

The financing will help Humania develop a network of multispecialty hospitals and healthcare assets in Egypt and Morocco. The first phase of its investment program includes three hospitals and a medical tower with nearly 600 inpatient beds and 240 outpatient clinics.

The project includes one greenfield general hospital in Alexandria, in Egypt, and another in Zenata, Casablanca, Morocco.