DFF - Project Andalusia (EBRD-49372)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Specific Location
Cairo and Alexandria
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
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
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
Apr 10, 2018
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
Andalusia Egypt Holding
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
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)
$ 44.85 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 38,700,000.00
Converted using 2018-10-11 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 13, 2019

Disclosed by Bank Oct 11, 2018


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

Project Description

According to bank documents, the project involves provision of a senior loan to Andalusia Egypt Holding for Financial Investments, a closed joint stock company registered in Egypt, to finance its expansion in Egypt in order to provide better healthcare services to a higher number of patients in Cairo and Alexandria.

The Bank will finance Company's expansion in Egypt through the construction of a new hospital and the expansion of an existing one in Cairo. The objective of the Bank financing is to support the Company to significantly increase the level of healthcare services and to reach a higher number of patients. In addition, the long term financing of the Bank aims to strengthen the balance sheet of the Company.

The project is expected to support competitive Transition Impact by improving quality of services beyond levels existing in the market; specifically by building a new greenfield hospital in Cairo; expected to be JCI certified; a benchmark currently rare in the market.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

Andalusia Group for Medical Services was founded in 1984 by the entrepreneur Dr. Darweesh Zagzoug as a single hospital in Jeddah, Saudi Arabia; and grown over 32 years to own and manage several healthcare facilities in Saudi Arabia and Egypt. It is currently one of the largest hospitals operator in Egypt.

Contact Information

Mr. Ahmed Fouda
Fouda.Ahmed@Andalusiagroup.net 
+201004023963
Business opportunities

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.