DUBAI, 7 February 2008 — IFC, a member of the World Bank Group, has partnered with Saudi Arabia’s Magrabi Hospitals and Centers to expand private eye care in (Middle East and North Africa) MENA region to address the need for high-quality ophthalmology services and bring world-class clinical and patient care to underdeveloped markets in the region.
IFC will provide $20 million in equity to Magrabi Hospitals and Centers and $25 million in loans to the Magrabi Hospitals. IFC’s $45 million financing package will be used to partially finance Magrabi’s aggressive expansion plans in developing countries including the construction of three new low-cost eye hospitals and four eye referral centers in Egypt and a new 30-bed low-cost eye hospital in Yemen.
The company is also undertaking a $30 million expansion plan to build more hospitals in Saudi Arabia and other Arab and Gulf countries. The new hospitals are expected to provide an additional 400,000 examinations and 70,000 operations a year, increasing access and affordability of high-quality ophthalmology care.
Dr. Akef Elmaghraby, founder and chairman of the Magrabi Hospitals and Centers, said: “We are delighted to have IFC’s help in developing a modern and efficient private health care network that will implement global best practices in MENA region. We look forward to major success by partnering with IFC.” Mutasim Alireza, MD, Magrabi Hospitals & Centers, said: “This project marks a key step in our strategy to expand within and beyond the Arabian Gulf to countries that have the greatest need for high-quality ophthalmology care. We are also very happy to have IFC join Magrabi’s board of directors.”
Michael Essex, IFC director for MENA, said: “By expanding access to affordable private eye care, the project serves as a model for providing private ophthalmology services in the region, thereby helping relieve the burden on public health systems.”
Guy Ellena, IFC director for health and education, said: “IFC’s aim is to support intraregional investments in health care, and this project fits perfectly with our strategy.”