EBRD approves $24 million loan for Egypt’s Andalusia Medical Group
The European Bank for Reconstruction and Development (EBRD) has approved a $24 million loan to Andalusia Group for Medical Services, one of Egypt’s largest hospitals operators, a senior banking source said on Sunday.
The loan will go for financing Andalusia Group’s growth plans in Egypt through the construction of a new hospital and the expansion of an existing one in Cairo, with total cost up to $38.7 million, the EBRD source told Amwal Al Ghad.
The objective of the EBRD financing is to support the company to significantly increase the level of healthcare services and to reach a higher number of patients. In addition, EBRD’s long term financing aims to strengthen the balance sheet of the Company, he added.
Andalusia Group for Medical Services was founded in 1984 by Saudi entrepreneur Darweesh Zagzoug as a single hospital in Jeddah, Saudi Arabia; and grown over 32 years to own and manage several healthcare facilities in Saudi Arabia and Egypt. It is part of Andalusia Egypt Holding for Financial Investments.