NORTH AFRICA – IFC, Finnfund and other financial institutions have supported the development of high-quality hospital, Humania a private healthcare company in Egypt and Morocco, to expand health services and improve medical care by developing a network of multispeciality hospitals and healthcare assets. 

Humania has received a financing package amounting to US$125m where Finnfund’s share of the total financing facility is US$18.75 million. IFC said that it will provide Humania with US$35 million for its own account.

OPEC Fund for International Development, European Bank for Reconstruction and Development and the IFC Managed Co-Lending Portfolio Program (MCPP) are also part of the investors. 

MCPP is a syndications platform that offers institutional investors the ability to participate passively in IFC’s future senior loan portfolio.  

“With this financing package, Humania will be able to provide high-quality health care to more people as well as quality jobs for healthcare professionals”, says Finnfund’s Investment Manager Markus Pentikäinen.

“We will pay special attention to staff training in order to secure the quality assurance of care.” 

“Healthcare and development are inextricably linked,” said Sobhi Batterjee, chairman of Humania. “Our partnership with IFC will allow us to provide world-class healthcare to more patients in Egypt and Morocco, and thus play a role in improving the healthcare systems and well-being of the communities in these countries.” 

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 company’s growth is considered key in both countries, where there are shortages of doctors and hospital beds. 

Egypt’s healthcare sector needs US$60 billion in investment by 2050 to meet rising demand for medical services, while Morocco is also facing a need to improve healthcare delivery, especially for women and young children.