09 November 2007
JEDDAH - The International Finance Corp. (IFC), a member of the World Bank Group, has partnered with Saudi Arabia's Andalusia Group to expand private health care in Egypt.
This will help address the need for high-quality medical services in the country and bring clinical and patient care to underdeveloped markets across the region, an IFC statement said.
IFC will provide a $15 million loan and $10 million in equity as part of the $48 million project, which involves expanding the 80-bed Al-Salama hospital in Alexandria to 120 beds, and building the new 100-bed Andalusia-Heliopolis hospital in Cairo.
Later, the project will establish a new nursing school in Cairo, with the capacity to train 350 nurses a year. This will help address the severe shortage of trained nurses in the country. The new hospitals are expected to treat an additional 200,000 patients a year and create 1,000 new jobs for medical professionals.
Dr. Darweesh Zagzoug, founder and Chairman of the Andalusia Group, said, "We are delighted to have IFC's help in developing a modern and efficient private health care network in Egypt. We look forward to major success with IFC's global expertise in investing in the sector."
JEDDAH - The International Finance Corp. (IFC), a member of the World Bank Group, has partnered with Saudi Arabia's Andalusia Group to expand private health care in Egypt.
This will help address the need for high-quality medical services in the country and bring clinical and patient care to underdeveloped markets across the region, an IFC statement said.
IFC will provide a $15 million loan and $10 million in equity as part of the $48 million project, which involves expanding the 80-bed Al-Salama hospital in Alexandria to 120 beds, and building the new 100-bed Andalusia-Heliopolis hospital in Cairo.
Later, the project will establish a new nursing school in Cairo, with the capacity to train 350 nurses a year. This will help address the severe shortage of trained nurses in the country. The new hospitals are expected to treat an additional 200,000 patients a year and create 1,000 new jobs for medical professionals.
Dr. Darweesh Zagzoug, founder and Chairman of the Andalusia Group, said, "We are delighted to have IFC's help in developing a modern and efficient private health care network in Egypt. We look forward to major success with IFC's global expertise in investing in the sector."
© The Saudi Gazette 2007
