Humania (IFC-42285)

Regions
  • Middle East and North Africa
Where the impacts of the investment may be experienced.
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
Jun 20, 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
HUMANIA
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)
Equity, Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 65.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 35.00 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)
$ 355.00 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 May 6, 2019

Disclosed by Bank May 2, 2019


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

Project Description

According to bank documents, the project is to incorporate a holding company, Humania, that will focus on developing a network of high-quality multispecialty hospitals and healthcare assets in emerging markets, mainly North Africa and Pakistan. Humania will be established by Bait Al Batterjee Medical Co., and will initially focus on four projects (total of 641 beds): acquisition of one operating hospital from BAB Group in Egypt; two greenfield projects in Egypt; and one greenfield project in Morocco. BAB Group will provide a turnkey development solution and operational support to Humania and all assets will be operated under the Saudi German Hospital banner.

Investment Description
  • International Finance Corporation (IFC)

Humania’s initial investment program has a total project cost of US$355m made up of US$225m in HoldCo equity and US$130m in Islamic finance project debt.

IFC’s proposed engagement will be up to $65 million in debt and equity as follows:

-          Equity: Invest $30m in convertible preference shares and support efforts to mobilize an additional $60m of HoldCo equity from AMC and other investors;

-          Debt: Provide project level Islamic financing of up to US$[35m] in the form of an A Loan and lead the mobilization of an additional [US$95m] of debt

Private Actors

Bait Al Batterjee Medical Group is a leading provider of health services in MENA, operating over 2,500 hospital beds and employing over 12,000 people. Over the past 35 years, BAB Group has established itself as a foremost healthcare and education group in the Kingdom of Saudi Arabia. Its operating companies include: Saudi German Hospitals – a leading network of tertiary care hospitals with nine operating facilities in four countries across the GCC and North Africa (Saudi Arabia, United Arab Emirates, Egypt and Yemen); IHCC - a specialist in the design, planning, project management and construction of hospitals; and Al Batterjee Medical College - the largest private medical college in KSA.

Contact Information

Humania 
Ahmed El Bakry 
CEO 
+202 27369471 
md.africa@humaniacap.com
11th floor, 3 Abu El Feda st. Zamalek, 11211 Cairo P. O. Box 41766 – 00100 

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/