The International Finance Corporation (IFC), a member of the World Bank Group, announced on Tuesday that it will be the lead arranger for an Islamic financing package of up to $125 million to Humania, a private health care company, to help expand health services and improve medical care in Morocco and Egypt.
The announcement came during its participation in the Global Women’s Forum 2020 that was held in Dubai this week.
IFC will provide Humania with a $35 million Islamic facility for its own account and it will be the lead arranger for the rest of the financing from the Finnish Fund for Industrial Cooperation (Finnfund), the OPEC Fund for International Development, the European Bank for Reconstruction and Development (EBRD), and the IFC's Managed Co-Lending Portfolio Program (MCPP).
MCPP is an innovative syndications platform that offers institutional investors the ability to passively participate in IFC’s future senior loan portfolio.
"Over the coming decade, the countries of the MENA region will be in need to make substantial investments in medical care to keep their fast-growing populations healthy," said IFC’s Vice President for the Middle East and Africa Sérgio Pimenta.
He added that governments won't be able to foot the bill alone, saying that the capital and expertise of the private sector can be used to make sure people in the region get the health care they need.