Four international institutions team up to develop hospitals in Egypt and Morocco using Commodity Murabaha finance structure

INVESTMENT WATCH- EBRD and IFC are among backers of a new greenfield hospital in Alexandria. Al Batterjia Medical Group, a corporate cousin of Tadawul-listed Saudi-German Hospital Group, will build a greenfield hospital in Alexandria and another in Morocco’s Casablanca with USD 125 mn in financing from lenders including the European Bank for Reconstruction and Development, accordingto an EBRD statement (pdf). The shariah-compliant funding takes the form of a “commodity murabaha.” Participants in the transaction also include the International Finance Corporation, the OPEC Fund for International Development, and the Finnish Fund for Industrial Cooperation.