Humania to invest over $100 Mln in medical care in Morocco & Egypt

Humania, a private healthcare company, has secured a $108.5 million funding from international financial institutions to launch medical care projects in Morocco and Egypt.

The International Finance Corporation (IFC) contributes $45 million to this project, while $ 63.5 million were mobilized from other investors, including $43.5 million from the Danish Investment Fund for Developing countries (IFU) and $20 million from PROPARCO, member of the French Development agency (AFD).

The equity financial package will help Humania develop a network of high-quality tertiary hospitals in Egypt and Morocco. The project comes as the Covid-19 pandemic puts pressure on healthcare services in the Middle East and North Africa.

Humania, which is part of the Saudi Arabian healthcare group Bait Al Batterjee, has unveiled lately plans to build a multi-speciality hospital in the new eco Moroccan city of Zenata, a new hospital in Alexandria and a medical tower in Cairo.

According to experts, Egypt’s healthcare sector needs $60 billion in investments by 2050 to meet rising demand for medical services, while Morocco looks forward to improving healthcare delivery, especially for women and children.