SEEMA hospital (IFC-39533)

Countries
  • Iraq
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
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 28, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
MACROM FOR GENERAL TRADE LLC
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 24.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. 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, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 26, 2019

Disclosed by Bank Apr 12, 2019


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project 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
  • International Finance Corporation (IFC)

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

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

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/