Washington D.C./Dubai, U.A.E., May 30, 2007
— IFC, the private sector arm of the World Bank Group, will promote health care in the Middle East and North Africa by investing for the first time in a private equity fund that will focus solely on health care and that is expected to create the first regional health care network. The $15 million investment in Shefa Limited CEIC will strengthen private health care institutions in the region, increasing access to high-quality health care, particularly in countries where access is limited.
The project, which responds to a demand for affordable and high-quality private health care services, will also provide an opportunity to channel resources to the health care sectors of lower-income countries in the region. Over the next four years, the Shefa Fund will invest in well-established and reputable hospital and general health care companies, support and improve their financial sustainability by promoting good corporate governance, and introduce modern financial controls and technical best practices. Injazat Capital Limited will manage the fund, with support from lead investor Saudi Healthcare Investment Company, a specialized regional health investment group that seeks to extend its reach to the Levant region and North Africa.
“We are delighted to have IFC’s help in developing a modern and efficient health network,” said Dr. Mohamed Amin, Chairman of Shefa Health Care Fund and Managing Director of Saudi Healthcare Investment Company. “We look forward to major success because of IFC’s global expertise.”
Hussein Rifai, Managing Director of Injazat Capital, said, “The Shefa Fund marks an important step in our strategy to expand to countries with the greatest need for high-quality private health care. IFC is a key partner in helping us achieve this vision. This partnership recognizes our efforts to establish managerial excellence, good corporate governance, and outstanding quality of service.”
Guy Ellena, IFC Director of Health and Education, noted, “IFC is pleased to support the Shefa Fund to help improve health care and provide high-quality management and medical standards. We also share Shefa’s belief in the power of interregional investment and are keen to help bring its services to frontier markets.”
Michael Essex, IFC Director for the Middle East and North Africa, added, "This investment is in line with IFC's strategy to enhance the operations and efficiency of health systems by improving the balance between private and publicly-financed health care provision, an important issue for governments with limited public resources."
About IFC
IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries. IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products has committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, accelerate private participation in infrastructure, improve the business enabling environment, increase access to finance, and strengthen environmental and social sustainability. For more information, please visit
www.ifc.org
.
About Injazat Capital
Injazat Capital is a venture capital and private equity fund management and advisory services company operating from Dubai, United Arab Emirates. The firm, which focuses on the Middle East and North Africa, delivers a range of Shari’a-compliant financial services. Injazat is owned by the Gulf Finance House, a private Bahrain-based investment bank; the Islamic Corporation for the Development of the Private Sector; the private sector arm of the Islamic Development Bank; and its principals.
About Saudi Healthcare Investment Company
The Saudi Healthcare Investment Company was established in 2005 by the Saudi-based Elaj Group to create a health care investment vehicle to invest in existing and new health care businesses in the Gulf Cooperation Council countries and create an integrated health care delivery system. Elaj Group has been in the health care business for almost 15 years and operates 17 specialized health care clinics in Saudi Arabia and 10 centers in other GCC countries.
