4 Banks To Offer Alex Hospitals EGP 1.5 Bln Loan

Four Egyptian banks will participate in an EGP 1.5 billion syndicated loan to finance the construction of the EGP 2.5 billion Alexandria University hospitals project, a senior executive said.

Bareeq Hospitals Company, a consortium comprising Bareeq Capital, Detac, G4S and Siemens, won the project in April 2012. National Bank of Egypt, Ahli United Bank, HSBC and Commercial International Bank have agreed to lend the company EGP 1.5 billion to complete the project, Bareeq Capital managing director Omar Elkeshen said.

Construction will begin in January 2013 and continue for three years. When complete, Bareeq Hospitals will run the facility for three years, said Elkeshen.

The project includes the construction of the Smouha Maternity University Hospital with 200 beds and a blood bank, and the Mowassat Specialized University Hospital with 224 beds, Zawya reported.