IFC backs Egypt's first hospital PPP
Under the contract signed in March, Alexandria University and Bareeq Hospitals Company, a consortium comprising Bareeq Capital, Detac, G4S and Siemens, will combine forces to finance, design and construct the Smouha and Mowassat hospitals in Alexandria.
"This project demonstrates that the private sector can play an important role in extending high quality basic services to those who need it most," said Luke Haggarty, IFC's head of Advisory Services in the Middle East and North Africa.
Smouha Maternity University Hospital is planned as a 200-bed gynecology and obstetrics center with a blood bank. The Mowassat Specialized University Hospital will be a 224-bed facility providing neurosurgery, urology and nephrology services.
The IFC has been advising the government of Egypt on the implementation of PPP transactions since 2006 through a memorandum of understanding with the Ministry of Finance. Since then, the ministry has sought to pilot such projects in the water and sanitation, transport, as well as education and health sectors.