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Washington, D.C./Sana’a, Yemen, June 3, 2008
—IFC, a member of the World Bank Group, is partnering with Yemen’s Al-Mawarid Company for Educational and Health Services to expand access to good quality and affordable private health care and education services in Yemen.
Al-Mawarid provides affordable services, including tuition, outpatient medical and dental services, and medical treatment to low-income communities. It has increased access to quality education for women and provides an open platform for distance learning.
IFC’s $8 million facility will be used to partially finance the company’s expansion of its hospital and university operations in Sana’a. Al-Mawarid plans to expand its educational facilities and services to other parts of the country over time, in response to market demand.
Dr. Tarek Abulohoom, Chairman of Al-Mawarid, said, “This project marks a vital step in our plan to expand access to high-quality health and education services to the people of Yemen, especially in areas that have the greatest need.” Dr. Dawood Alhidabi, Deputy Chairman, said, “We are very pleased to enter into a long-term strategic partnership with IFC, which has broad experience in private education and health care and can help us manage our growth more effectively.”
Michael Essex, IFC Director for the Middle East and North Africa, said, “IFC is happy to partner with a strong client. The project will serve as a model and help relieve the burden on public health and education systems.” Guy Ellena, IFC Director for Health and Education, added, “This project aligns perfectly with IFC’s strategy to increase investments in high-risk and poorer countries. It will help guide Al-Mawarid’s corporate governance and operating practices as well as its environmental and social standards, while helping retain medical and educational professionals in Yemen.”
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries.
About Al-Mawarid Company for Educational and Health Services
Al-Mawarid provides quality and affordable private tertiary education and health care services in Yemen. It operates the University of Science and Technology, which was established in 1992 as a community college and expanded to a full university in 1994, with branches located in six governorates of Yemen. The largest of these is in Sana’a. The company also operates the University of Science and Technology Hospital, which was established in 2005 and includes a full-service 144-bed teaching hospital and a medical residence for students. The company educates about 17,000 students and treats more than 150,000 patients a year, and employs more than 1,500 staff.
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