Investment of up to USD 25 million in favour of Humania North Africa Holding (the "company"), a limited liability company incorporated in Dubai International Financial Centre (DIFC), the United Arab Emirates.
Bait Al Batterjee Medical Company Limited (the "Sponsor" or "BAB") is building a healthcare platform ("Humania") focused on hospitals and clinics in North Africa. The EBRD, together with the IFC (International Finance Cooperation), Asset Management Company (AMC), Proparco, and International Fund for Developing Countries (IFU), will invest in Humania.
The transition impact of the proposed project will be derived from:
- Competitive: The project will lead to an improved quality of services (beyond the current local standards) and seek a reputable internationally recognised certification for each of the hospitals (Joint Commission International "JCI"). The company also plans to establish new degree-level nursing training programmes in order to address skills mismatch and labour shortages in Egypt and Morocco;
- Green: The project will be developed at standards beyond prevailing market norms in the healthcare sector in the region in terms of energy, water and construction material efficiency (as both hospitals will be certified under the EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification.
HUMANIA NORTH AFRICA HOLDING CO
Humania North Africa Holding Company (the "Investee Company")
Humania is a holding company established by the Sponsor, with the purpose of building and operating general hospitals in Egypt and Morocco (the "project").
Bait Al Batterjee Medical Company Limited (the "Sponsor" or "BAB")
The Sponsor is one of the largest healthcare providers in the Gulf Cooperation Council (GCC) countries operating under the brand name "Saudi German Hospital ("SGH"). BAB operates over 2,500 hospital beds and employs over 12,000 people.
EBRD Finance Summary
Up to USD 25,000,000
Total Project Cost
There is a lack of adequate equity market in the region and thus the participation of IFIs plays a key role in supporting the project.
Environmental and Social Summary
Categorised B under the 2019 ESP and Low to Medium risk. ESDD for the preceding project (in relation to the two greenfield hospitals, "Alex West" & "Zenata" and the existing "SGH" ) in 2019 is applicable for this equity project. Additional ESDD has been carried out by ESD through review of a completed ESDD Questionnaire on the construction of a green field medical tower ("MT") in Cairo as well as follow up communication with the Client. The site adjunct to SGH is not associated with resettlement & economic displacement, cultural heritage or biodiversity issues. Additional ESDD confirms that the client will apply the same environmental and social risk management procedures judged satisfactory against EBRD PR in the preceding project context to the proposed works. The ESAP has been modified to reflect the equity investment nature of the new project. For the project, the Client is required to comply with EBRD PRs for their all operations as well as continue to submit an annual environmental & social report to the Bank.
The Client is an existing client of IFC, and IFC has previously undertaken comprehensive Environmental and Social Due Diligence (ESDD) on the Client. The Bank's preceding ESDD, carried out by ESD, was based on the review of the project's Data Room, IFC's ESDD and Environmental & Social Action Plan (ESAP) as well as a site visit to Alexandria site and discussion with the Client management. The Client, as a Group, has adequate E&S risk management capacities. Formal procedures covering environment, infection control, HR, occupational health & safety (OHS) and life & fire safety from the existing hospital in Cairo are in compliance with national law and in line with EBRD ESP. The Groups' hospital construction arm, IHCC, is certified with ISO9001:2015, ISO14001:2015 and ISO45001: 2018 and IHCC's environmental, construction labour, health & safety and chance finds procedures are being applied for the MT in Cairo, new hospital construction in Alexandria and in Zenata Eco-city in Morocco. The Client's existing SGH is accredited with JCI, an international hospital management accreditation.
Technical Cooperation and Grant Financing
Company Contact Information
Aamir Rehan/ Ahmed El Bakry
PSD last updated
11 May 2020
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