8 June 2020
- Qudeer Latif, Ahmed Choudhry, Mustapha Mourahib, Ouns Lemseffer, Meriem Komiha, Robin Abraham, Anthony Matsis
- Dubai, Casablanca, Paris
Clifford Chance advises development finance institutions on a US$125 million Islamic finance facility to support the development of the healthcare sector in Egypt and Morocco
International law firm Clifford Chance has advised four international development finance institutions on a US$125 million Islamic financing facility to Humania, a private healthcare company within the Bait Al Batterjee Group.
Led by International Finance Corporation (IFC), the institutions involved in the consortium were: the European Bank for Reconstruction and Development (EBRD), Finnish Fund for Industrial Cooperation (Finnfund), and OPEC Fund for International Development (OPEC Fund).
The Clifford Chance team guided each of the financiers through the intricacies of the Islamic financing structure, particularly as some of the financiers were undertaking their first Islamic financing.
The financing will be used to develop greenfield general hospitals in Alexandria (Egypt), and Casablanca (Morocco), greatly improving the quality of healthcare facilities in these countries. The facilities will also benefit from internationally recognised certification.
The Clifford Chance team was led by Partner, Global Head of Islamic Finance, Qudeer Latif, Counsel Ahmed Choudhry, Counsel Alhassane Barry, Associate Uzair Khan and Trainee Solicitor Shema Begum, all based in Dubai.
Clifford Chance team advising the financiers on the Morocco law aspects were led by Partner Mustapha Mourahib and Counsel Ouns Lemseffer based in our Casablanca office and by Associate Meriem Komiha, based in Paris.
Abuhimed Alsheikh & Alhagbani Law Firm (AS&H), in cooperation with Clifford Chance, advised on all Saudi law related matters and were led by Partner Yasser Al-Hussain, Senior Associate Abdulkhaliq Elshayyel and Associate Reema Al-Hamoud.
Commenting on the financing, Qudeer Latif said:
''We are delighted to have advised the Financiers on this socially important project, particularly during the current COVID-19 difficulties, where there is a greater need for high quality healthcare facilities. Our global Islamic finance practice as well as our market leading practice in Africa, was critical in us being able to deliver on this important project. ''
A separate Clifford Chance team led by Partner Robin Abraham and Associate Antony Matsis also advised the agent for the financiers in the facility.