Abraaj North Africa Hospitals Co-investment



Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

03 Sep 2014



PSD disclosed:

12 Mar 2015

Project Description

The EBRD has signed a Subscription and Shareholders Agreement for a USD 25 million equity co-investment with Abraaj, DEG, and Proparco in Creed Healthcare Holdco Ltd (the “Company”, which may be also referred to as “North Africa Hospital Holdings”). The Company is a healthcare holding company, established to operate in Egypt, Tunisia, Morocco, and Algeria, and includes 4 initial hospital acquisitions (“Cleopatra Hospital” and “Cairo Medical Centre” in Egypt, and “Polyclinique Taoufik” and “Clinique de la Soukra” in Tunisia).

The Company will benefit from Abraaj’s strong track record in healthcare, and will improve standards of medical treatment through international accreditation, ‎upgrade of medical and diagnostics equipment, and implementation of more advanced patient management and records systems, in a region suffering from an undersupply of quality healthcare.

Transition Impact

The main sources of transition impact are expected to come from:
(i) Setting standards for corporate governance and business conduct through JCI and/or French accreditation, as well as upgrade of corporate governance from a family-owned and managed model to a professionally managed organisation with boards of directors that include independent experts.
(ii) Demonstration of successful restructuring through creation of a regional platform with company-wide reporting, a unified parent brand, dissemination of best practices, as well as country-level synergies with regards to centralised training and procurement.

(iii) Demonstration of new products & technologies including upgrades of diagnostic imaging equipment, a Hospital Management Information System (HMIS) with electronic patient records as well as a Radiology Information System (RIS) and a Picture Archiving and Communications System (PACS).

The Client

Creed Healthcare Holdco Ltd (which may be also referred to as “North Africa Hospital Holdings”) is a newly formed regional healthcare holding company, established in Malta, to invest in hospital assets in Egypt, Tunisia, Morocco, and Algeria. The Company has acquired majority stakes in 4 hospitals (“Cleopatra Hospital” and “Cairo Medical Centre” in Egypt, and “Polyclinique Taoufik” and “Clinique de la Soukra” in Tunisia), and may acquire additional healthcare assets in its target countries.

EBRD Finance

EBRD provides USD 25 million in equity financing alongside Abraaj’s APEF IV and ANAF2 private equity funds, DEG, and Proparco. EBRD ownership stake to be 12.5%.

Project Cost

USD 200 million.

Environmental Impact

Categorised B. Due diligence of Abraaj's environmental and social risk management capacities (under the Abraaj North Africa Fund II) and the four hospitals (under this project) was undertaken jointly with DEG and Proparco in accordance with IFC EHS Guidelines for Health Care Facilities. The ESDD involved reviews of the completed environmental and social checklists specific for health care facilities, medical expert reports and life and fire safety reports on Cleopatra, CMC and Taoufik sub-investments as well as EBRD’s environmental specialist's site visits with a JCI expert to Taoufik and La Soukra hospitals in Tunisia. The due diligence showed that there are no site specific environmental and social issues associated with the existing target hospitals, and no significant labour and OHS issues associated with their operations and that all known future sub-projects would be category B projects if directly financed by the Bank. Abraaj has the capacity to manage E&S issues in accordance with the EBRD Performance Requirements.

The two hospitals in Tunisia are already implementing adequate environmental, health and safety management system. A site-specific Environmental and Social Action Plan has been developed for each hospital sub-investment for attaining international hospital management benchmarks such as JCI and HAS. The client is required to implement specific Environmental and Social Procedures for the existing and possible additional future target hospital sub-investments including pre-acquisition Environmental and Social due diligence of all potential future acquisitions.

Technical Cooperation


Company Contact

Mitali Atal (Corporate Communications, Abraaj) : mitali.atal@abraaj.com
Natalia Gammans (Manufacturing & Services, EBRD): GammansN@ebrd.com
Sherif Barakat (Manufacturing & Services, EBRD): barakats@ebrd.com


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

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