World Bank member, IFC, has announced an Islamic financing package of up to $125 million to a private healthcare company Humania, to help expand health services and improve medical care in Morocco and Egypt. Humania will develop a network of multispecialty hospitals and healthcare assets in Egypt and Morocco.
International Finance Corporation will provide Humania with a $35 million Islamic facility for its own account and is the lead arranger for the rest of the financing from Finnfund, European Bank for Reconstruction and Development, OPEC Fund for International Development, and the IFC Managed Co-Lending Portfolio Program (MCPP).
The recent financing agreements by IFC are mention below:
(1) December 2019: IFC signed an agreement with the Sustainable and Renewable Energy Development Authority (SREDA) of Bangladesh. As per the agreement, IFC will support a solar power plant of 35-50 megawatt capacity in the Kushtia district. The pilot project will be developed under a public-private partnership model.
(2) December 2019: IFC announced a financing agreement with The Government of the Solomon Islands for the Tina River Hydropower Project. IFC will provide $200 million for the 15-megawatt Hydropower Project. The new project will pave the way for the country to reduce its greenhouse gas emissions by two and half times its 2025 target.
(3) November 2019: IFC and the North American Development Bank (NADB) grant loans to Infraestructura Energética Nova SAB de CV (IEnova), to support renewable energy projects in Mexico. The finance will help four solar power plants with a total capacity of 376 MW.
(4) November 2019: IFC, announced an investment of approximately $70 million in Uganda’s electricity distribution utility firm, Umeme Limited, to increase the reliable supply of electricity to homes in Uganda, and supporting the economic & social development of the country.
About International Finance Corporation (IFC)
International Finance Corporation (IFC), a member of the World Bank Group, and the largest global development institution focused on the private sector in emerging markets. IFC works with around 2,000 businesses globally. IFC uses its capital, technical expertise, global experience, and influence to create markets and opportunities in remote areas. With the help of long-term financing for developing countries, it leverages power to the private sector to end extreme poverty and boost shared prosperity in the region. IFC is a leading mobilizer of third-party resources for projects in a developing country.