Finance & Capital Market

Clifford Chance readies $108m funding for Saudi hospital project

International law firm Clifford Chance has advised three international development finance institutions on a $108.5 million equity financing package to Humania, a private healthcare company within the Bait Al Batterjee Group.
Led by the International Finance Corporation (IFC), the other institutions involved in the consortium were: IFU, the Danish Investment Fund for Developing Countries and Proparco, member of the Agence Francaise de Développement (AFD) group.
The Clifford Chance team advised the consortium on their investment terms and on the terms of the shareholder arrangements in Humania, said the company in a statement.
The financing will be used, in conjunction with a separate Islamic facility (on which Clifford Chance advised the lenders), to develop greenfield general hospitals in Alexandria (Egypt) and Casablanca (Morocco), greatly improving the quality of healthcare facilities in these countries.
The Clifford Chance team was led by partner Mike Taylor and Counsel Daniel Boyle, both based in Dubai, with assistance from Mustapha Mourahib, Ouns Lemseffer and Meriem Komiha based in our Casablanca office.
Commenting on the transaction, Taylor said: ''We are delighted to have advised IFC, IFU and Proparco on this socially important investment, particularly during the current COVID-19 difficulties, where there is a greater need for high quality healthcare facilities.''
Abuhimed Alsheikh & Alhagbani Law Firm (AS&H), in cooperation with Clifford Chance, advised on all Saudi law related matters, led by Partner Yasser Al-Hussain.-TradeArabia News Service