European Bank for Reconstruction and Development backs programme to develop high-quality hospitals in Egypt and Morocco
February 19, 2020
The European Bank for Reconstruction and Development (EBRD) is supporting the development of high-quality hospitals in Egypt and Morocco, teaming up with other international financial institutions to deliver funding under an Islamic finance structure, also known as a “Commodity Murabaha”, that the Bank is using for the first time.
A financing facility worth a total US$ 125 million (US$ 20 million from the EBRD) will be used for investments by the Al Batterjia Medical SAE group to develop one greenfield general hospital in Alexandria, in Egypt, and another in Zenata, Casablanca, in Morocco.
The project aims to improve the quality of hospital services in both Egypt and Morocco beyond the current standards. In addition, the developers are also committed to delivering high standards of efficiency in the use of energy, water and construction materials.
The EBRD started operating in the southern and eastern Mediterranean region in 2012 and to date has invested more than €11 billion in 255 projects in Egypt, Jordan, Lebanon, Morocco and Tunisia.