European Bank for Reconstruction and Development (EBRD) offered a financing facility worth $125 million to be used for investments by Al Batterjia Medical SAE group to develop a greenfield general hospital in Alexandria, Egypt, and another in Casablanca, Morocco.<\/p>\n
EBRD commented that it is supporting the development of high-quality hospitals in Egypt and Morocco, teaming up with other international financial institutions to deliver funding under an Islamic finance structure known as a \u201cCommodity Murabaha\u201d that the Bank is using for the first time.<\/p>\n
\u201cThe project aims to improve the quality of hospital services in Egypt and Morocco beyond the current standards. The facilities will benefit from internationally recognized certification, which rare in these two countries,\u201d the bank noted.<\/p>\n
In addition to raising the quality of available healthcare services, the developers are also committed to delivering high standards of efficiency in the use of energy, water and construction materials, according to EBRD statement.<\/p>\n
This is the first time the EBRD has used a Commodity Murabaha, which is just one of many financial products that are compliant with the Islamic law.<\/p>\n
\u201cA Murabaha transaction is a multilateral sale arrangement whereby the financier \u2013 equivalent to the lender \u2013purchases existing commodities from a supplier and immediately resells them to its client \u2013 equivalent to the borrower \u2013 on terms that provide for deferred payment,\u201d it clarified.<\/p>\n
\u201cThe deferred payment is calculated as the original purchase price of the commodity plus a premium to include the financier\u2019s profit margin,” the bank explained.<\/p>\n
According to EBRD, the International Finance Corporation (IFC) led the structuring of the \u201cCommodity Murabaha\u201d financing, which comprises $20 million from the EBRD, $25 million from the OPEC Fund for International Development, $18.75 million from the Finnish Fund for Industrial Cooperation, and $61.25 million from the IFC itself and the IFC Managed Co-Lending Portfolio Program (MCPP).<\/p>\n
The EBRD started operating in the southern and eastern Mediterranean region in 2012 and to date has invested more than \u20ac11 billion in 255 projects in Egypt, Jordan, Lebanon, Morocco and Tunisia.<\/p>\n
Egypt Today<\/p>\n","protected":false},"excerpt":{"rendered":"
European Bank for Reconstruction and Development (EBRD) offered a financing facility worth $125 million to be used for investments by Al Batterjia Medical SAE group to develop a greenfield general hospital in Alexandria, Egypt, and another in Casablanca, Morocco. EBRD commented that it is supporting the development of high-quality hospitals in Egypt and Morocco, teaming […]<\/p>\n","protected":false},"author":40,"featured_media":166207,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7863],"tags":[29675,2484,47780,55935,44301],"class_list":["post-166206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-section","tag-ebrd","tag-egypt","tag-ifc","tag-mcpp","tag-morocco"],"yoast_head":"\n