SEEMA hospital (IFC-39533)

Countries
  • Iraq
Geographic location where the impacts of the investment may be experienced.
Specific Location
Erbil, Kurdistan Region
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 28, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
MACROM FOR GENERAL TRADE LLC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 24.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 96.60 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 26, 2019

Disclosed by Bank Apr 12, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

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.                                             

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

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  

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

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.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

MACROM for General Trade LLC 
Yaseen Taha Bazzaz 
Shareholder of SEEMA 
+9647504451628 
y.bazzaz@seemahospital.org 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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How it works