Press Releases
print

IFC Financing to Egypt’s Dar Al Fouad Hospital Will Increase High-Quality Health Care Services


In Washington, D.C.:
Ludi Joseph
Phone: +1 (202) 473-7700
E-mail: ljoseph@ifc.org

In Cairo:
Egidio Germanetti & Riham Mustafa
Phone: +20 2 461 9140/45/50
E-mails: egermanetti@ifc.org/rmustafa@ifc.org


Washington D.C./Cairo, Egypt, May 29, 2007 — IFC, the private sector arm of the World Bank Group, will provide a $4.2 million equity investment to the Dar Al Fouad Hospital in Egypt to help increase its delivery of medical services throughout the Middle East.  By providing long-term financing to the health sector, which is typically capital-intensive with long development phases, IFC is supporting private health services that complement public sector services.

IFC will help Dar Al Fouad expand and refurbish the Arab International Hospital in central Cairo and set up integrated health care centers in other Middle Eastern countries. Headquartered in the Six of October suburb of Cairo, Dar Al Fouad is a model for best practices in Egypt’s medical community and an established, private tertiary health care provider with an extensive track record. The hospital, which specializes in cardiothoracic surgery and cardiology, is affiliated with the Cleveland Clinic Foundation.

Dr. Mohamed Abdel Wahab, Chairman of Dar Al Fouad Hospital, said, “The new hospital marks an important step in our strategy to reach underserved areas where there is a need for high-quality private health care. IFC is an important partner to help us achieve our strategic vision. This partnership recognizes our efforts to establish benchmarks of medical and management excellence and outstanding service.”

Guy Ellena, IFC Director for Health and Education, noted, “We are pleased to support an institution that demonstrates best practices in the medical community.  Dar Al Fouad Hospital is one of the few institutions in the region that has achieved ISO 9000-2001 certification and Joint Commission International accreditation.”

About IFC

IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries. IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products has committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, accelerate private participation in infrastructure, improve the business enabling environment, increase access to finance, and strengthen environmental and social sustainability. For more information, please visit www.ifc.org.