Humania

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Humania (“Project” or “Platform”) is a platform focused on developing a network of high-quality hospitals and healthcare assets in North Africa and Pakistan. Humania will be established by Bait Al Batterjee Medical Co (“BAB Group” or “Sponsor”), an existing IFC client and will initially focus on 4 projects (total of 641 beds) in Egypt and Morocco, and then expanding into Pakistan and other markets. The identified projects involve the acquisition of one operating hospital from BAB Group in Cairo, two greenfield developments in Egypt and one in Morocco. BAB Group will provide a turnkey development solution with all assets to be operated under the Saudi German Hospital (SGH) banner. SGH Cairo (operating): Acquisition of a JCI-accredited, 225-bed tertiary hospital located in Heliopolis, a suburb in Cairo. The hospital commenced operations in 2016.SGH Alexandria (under construction): Development of a 208-bed hospital in Alex West, a suburb of Alexandria, Egypt. SGH Alexandria will be the first purpose-built private hospital in the catchment area.SGH Medical Tower, Cairo (greenfield): Development of a multispecialty medical tower, adjacent to SGH Cairo, for specialist clinics (leased to practitioners). The construction is expected to start by the end of 2019.SGH Casablanca (greenfield): Development of a 208-bed hospital in Zenata Eco-city, a community near Casablanca. The hospital will serve the northern periphery of the Greater Casablanca metropolis. The construction is expected to start during Autumn 2019. The Zenata Eco-City is a major infrastructure development effort supported by the European Commission to alleviate overcrowding in Casablanca and Mohammedia.  It is expected to cover an area of 1,800 hectares to have a population of around 300,000. The Zenata Eco-City is part of a larger government program to promote the development of sustainable urban areas known as “Cities Without Slums”. Humania’s initial investment program has a total project cost of US$355m made up of US$225m in Platform equity and US$130m in Islamic finance project debt. IFC’s proposed engagement will be up to $65 million in debt and equity as follows:Equity: Invest $30m in convertible preference shares and support efforts to mobilize an additional $60m of equity from AMC and other investors;