Finance

Egypt: IFC to support the construction/ operation of a healthcare city

Wednesday, 29 June 2022 17:57
Egypt: IFC to support the construction/ operation of a healthcare city

(Ecofin Agency) - IFC is partnered with healthcare developer Egyptians for Health Care Services to meet the growing demand for healthcare services in Egypt. The initiative follows a health consulting program launched in 2021.

The International Finance Corporation (IFC) will support the construction and operations of a healthcare city (CapitalMed) on the outskirts of Cairo, Egypt. In the release disclosing the project, the institution announced that its partner for the project is healthcare developer  Egyptians for Health Care Services (EHCS). 

The IFC does not indicate whether it intends to commit funds for the construction. It only mentions that it will “advise EHCS on designing, structuring, budgeting, and managing the project while identifying strategic investors.

The center is designed to help bolster Egypt's healthcare system, which faces a shortage of hospital beds, especially in critical care units, and specialist centers,” it adds. CapitalMed will serve more than five million people living within a 20-minute radius and more than 20 million people located within a 90-minute radius of Cairo. 

The initiative is part of a larger program launched by the financial institution to support health care providers. Last year, it initiated a consulting program in Egypt to help at least 100 private healthcare providers improve their patient care systems to meet growing demand. In emerging markets, including Egypt, IFC claims an active portfolio of US$2 billion in healthcare companies.

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