CAIRO: In response to a strong need for private medical services in Egypt, the International Finance Corporation (IFC), the private sector arm of the World Bank Group, has stepped in to help according to news reports.
IFC will support the Middle East and North Africa s health care industry by financing the expansion of the Saudi German Hospitals Group.
IFC will provide a $37 million financing to support the construction of a hospital in Cairo, as well as a new hospital in Sanaa, Yemen.
Saudi German Hospitals Group has been a major participant in Saudi Arabia s health sector since 1988, and the group owns and operates five hospitals
The 300-bed, multi-specialty hospital in Sanaa, which opened in June 2006, and a hospital of similar size under construction in Cairo will raise considerably the standard of medical care in both countries.
IFC is very happy to support Saudi German Hospitals Group in a project that will provide a benchmark of excellence and raise the standards of health care in Egypt and Yemen, IFC s Health and Education director Guy Ellena was reported to have said.