According to bank documents, the project involves construction of a 161 bed multi-disciplinary general hospital with some specializing to address market needs (like cardiology and oncology that require chronic treatment) in Erbil, Kurdistan Region in Iraq. SEEMA market position is to target multiple income groups and with a price point lower than current average and supplemented with significant service quality focus.
The Project is built over land area of 11,400 square meters (“sqm”) with a total number built up area of 32,000 sqm.
Project cost is US$96.6m, expected to be financed by:
i. 50% via equity contribution of US$48.6 million to be provided by the Sponsor.
ii. 50% via long term debt of US$48 million to be financed equally by IFC and Parallel Lenders
The Sponsor, Mr. Yaseen Taha is an engineer by profession and held various governmental positions between 1983 and 1993 including the Mayor of Erbil in 1991. Since 1994, the Sponsor is a 25% partner in ZOZIK Company – a leading contractor located in Erbil. Zozik has executed contracts worth US$933 million since 1993 including with top names like, USAID, ABB (Sweden), General Electric (USA) and Marubeni (Japan).
The Sponsor has established a local company called MACROM for General Trade LLC which will own the hospital once completed. MACROM is equally owned by Mr. Yaseen, his daughter (Lavan AlBazzazz) and his three sons: Savan Y.Albazzaz, Muhmmed Y. Albazzaz, and Ahmed Y. Albazzaz. MACROM currently has no operations.
MACROM for General Trade LLC
Yaseen Taha Bazzaz
Shareholder of SEEMA
ACCOUNTABILITY MECHANISM OF IFC
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