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Washington, D.C./Cairo, Egypt, July 28, 2009—
IFC, a member of the World Bank Group, is partnering with Saudi German Hospitals Group, a leading Middle East health care provider, to increase access to high-quality care in underserved areas of Egypt and Ethiopia.
IFC will invest $55 million in Saudi German Hospitals, comprising a $25 million Islamic finance facility and equity of $30 million. The company will use the funds to construct a 300-bed hospital, a chain of thirty specialty clinics, and a nursing school in Cairo, Egypt, as well as a 150-bed hospital in Addis Ababa, Ethiopia. It will demonstrate best practice throughout the medical community and increase job opportunities for skilled medical professionals.
This is IFC’s second investment in Saudi German Hospitals. In January 2007, IFC provided a $37 million loan to support a new hospital in Sana’a, Yemen, and the construction of a hospital in Cairo, Egypt.
Sobhi Abduljaleel Batterjee, President of the Saudi German Hospitals Group, said, “We are pleased to work with a long-time partner such as IFC which is also committed to ‘South-South’ investment and bringing much-needed health services to developing markets.”
Guy Ellena, IFC Director for Health and Education, said, “As Saudi German expands to Sub-Saharan Africa, IFC is sharing its global knowledge acquired from investments in networks of emerging market health providers.”
Michael Essex, IFC Director for Middle East and North Africa, said, “IFC is playing a critical role by providing long-term financing to fund Saudi German’s expansion to countries where investors may be less willing to go.”
Jean-Philippe Prosper, IFC Director for Eastern and Southern Africa, said, “In Ethiopia, this project will improve access to and quality of basic health services and provide job opportunities and training for local medical staff.”
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $15 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
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About Saudi German Hospitals Group
Saudi German Hospitals Group is majority owned and controlled by the Bait al Batterjee Medical Company of Saudi Arabia. The group has a regional network of five hospitals, with an additional three under construction and one being planned, two training and nursing institutes, and one medical college. The company has a strong management team and international affiliations with German medical universities. For more information, visit
www.sghgroup.com
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