EGYPT – Private healthcare developer Egyptians for Health Care Services (EHCS) has partnered with International Finance Corporation (IFC) to back the construction and operation of a futuristic medical center dubbed CapitalMed on the outskirts of Cairo.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets that provides financing, advice and other solutions that enable countries to address the most urgent challenges of development.
IFC launched an advisory program in Egypt in 2021 to help at least 100 private healthcare providers improve their patient care systems and broaden access to safe and quality healthcare, the institution has an active portfolio of US$2 billion in health care companies in emerging markets.
IFC has an active portfolio of US$2 billion in health care companies in emerging markets, helping private providers meet the soaring demand for health care.
Under the recent deal, IFC will counsel Egyptians for Health Care Services on designing, structuring, budgeting, and managing the healthcare project along with identifying strategic investors in a bid to improve medical management in the country.
The CapitalMed project will be executed by Egyptians for Health Care Services and built in Badr City situated close to New Cairo to benefit a population of more than five million people living within a 20-minute radius and more than 20 million located within a 90-minute radius.
Additionally, IFC’s support to the CapitalMed project is part of the World Bank Group’s wider efforts to support Egypt’s goal of achieving universal health coverage, one of the United Nations Sustainable Development Goals for 2030.
The health hub will greatly contribute to Egypt’s ambitious goal of universal healthcare coverage within the next eight years as well as help in addressing the challenges facing the public healthcare system by exploring the contribution of private providers as part of the health system.
The privately-owned CapitalMed Health Care City is expected to be commissioned in 2023 featuring a general hospital and 19 specialist centers designed to strengthen Egypt’s healthcare system in an effort to address the country’s shortage of hospital beds especially in critical care units and specialist centers.
The medical facility will include a multi-specialty hospital with over 300 hospital beds, an outpatient center, a hospital that specializes in virtual care among other health centers focusing on a wide range of services from trauma and long-term care to organ transplants.
Chairman of Egyptians for Health Care Services Dr. Hassan El Kalla expressed that the idea establishing a full-fledged health care city will hugely benefit healthcare professionals in Egypt, noting that the health hub will be home to more than 4,000 beds, 700 intensive care units and 70 operating rooms.
“In Egypt’s efforts to transform healthcare provision while contributing to economic development, the medical hub idea has been translated into an unprecedented project that will cater to both local and regional needs,” EHCS Managing Director Dr. Hassan El Kalla stated.
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