First Finnish global developing markets impact fund, OP Finnfund Global Impact Fund I, has invested US$10 million in CIM Santé Firm, a leading Moroccan private health group.
OP Finnfund Global Impact Fund intends to use this investment to assist the development of Morocco’s healthcare industry, access to high-quality treatment, and gender equality in the sector, according to a news statement from the Finnish fund.
CIM Santé Group was founded in 1994 by Professor Assad Chaara, a pioneer in pioneering cardiac catheterization in the country. CIM Santé Group wants to develop its flagship clinic in Marrakech and expand its operations to Casablanca with finance from OP Finnfund Global Impact Fund I and Vantage Capital, Africa’s premier mezzanine debt provider.
CIM Santé Group wants to expand its presence in the Moroccan market by adding more clinics to its portfolio, as well as explore new markets in the rest of Africa, according to the press release. CIM Santé Group is likewise committed to empowering women in the industry. As of today, women make up about 70% of the workforce, and they are well represented in both senior and mid-level managerial positions. The business wants to improve its gender strategy and remove obstacles to women’s advancement in the workplace and in their careers.
If you’re interested in supporting businesses that help women in emerging economies gain access to leadership opportunities and quality employment and products and services that improve their economic participation, this investment is eligible for the 2X Challenge (a global gender finance initiative). After joining the 2X Challenge in 2019, Finnfund has remained a member ever since.
The OP Finnfund Global Impact Fund enables professional investors to contribute to the UN Sustainable Development Goals’ attainment through investments in high-impact projects in emerging markets. OP Finnfund’s investment is essentially identical to Vantage Capital’s earlier this year.
In October, Vantage Capital, Africa’s biggest mezzanine fund manager, disclosed a US$28 million equity investment in the Cliniques Internationales du Maroc Group (“CIM Santé Group”). Vantage’s support allowed the founders to partially fund the expansion of the existing clinic in Marrakech and the construction of new clinics in Tangier and Casablanca….
Furthermore, CIM Santé Group intended to increase its position in the Moroccan market as well as expand into new markets in Africa by adding more clinics to the company’s portfolio.
This group includes the Rabat Heart and Vascular Diseases Clinic, the Marrakesh International Clinic, and the Tangier International Clinic, which is now under construction and is projected to be completely operational by the end of 2020 (200beds, 10 theatres).
Radiology centers, medical laboratories, and laundry service providers are either owned or co-owned by the CIM Santé Group in Marrakech and Tangier.
