Bareeq Hospitals Company has, obtained a USD 180 million syndicated loan from three Egyptian banks to finance the construction of the Alexandria University hospitals project, a senior executive told Zawya.
Mohamed Kamal Temraz, executive director of Bareeq Hospitals Company - an international consortium comprising of Bareeq Capital, Detac, G4S and Siemens, said that a syndicated loan agreement has been signed with the National Bank of Egypt, the United Bank of Egypt and the Commercial International Bank in April.
"All relevant terms and conditions have been agreed upon. A portion of the loan will be released in US dollars in order to facilitate the import of building materials and equipment needed for the project," Temraz confirmed.
Construction of the hospitals will start as early as July, according to Temraz, although he expressed concern that the fluctuation of foreign exchange rates might affect the overall cost of the project.
The project will consist of a 200-bed Smouha Maternal University Hospital, which is expected to cost EGP 2.5 billion and will initially be run by the consortium before returning ownership to the Egyptian government after 20 years.
Another facility under this project is the Mowassat Specialized University Hospital, which will have a capacity of 224 beds and is expected to be a specialist center for neurosurgery, urology and kidney transplants. Contract period for this hospital extends to 20 years and operation period will be 17 years.
© Zawya 2013
