Egypt’s SWF, Concord International to launch $300m healthcare fund

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Wed, 06 May 2020 - 11:51 GMT

U.S. one-hundred dollar bills are seen in this picture illustration, August 2, 2013 - REUTERS/Kim Hong-Ji/Illustration

U.S. one-hundred dollar bills are seen in this picture illustration, August 2, 2013 - REUTERS/Kim Hong-Ji/Illustration

CAIRO - 6 May 2020: The Egyptian Sovereign Wealth Fund (SWF) signed a memorandum of understanding (MoU) with New York-based Concord International Investments, a registered investment management company and one of the leading fund managers of Egyptian securities in the world.

The MoU includes the establishment of a joint venture to launch and manage a healthcare-focused fund with an initial target value of $300 million, according to a statement released by SWF on Wednesday.

The fund, which will invest primarily in Egypt, the Middle East, and Africa, aims to create a diversified healthcare platform and cater to the diverse needs of the growing population of the North African nation.

Minister of Planning and Board Chairman of the SWF Hala el Saeed said that investing in health care is a priority to the Egyptian government during the current global crisis of coronavirus.

Caring for the health of the Egyptians is a main part of Egypt Vision 2030 for sustainable development, Saeed said.

Focusing on the health sector is related to the government work program in light of applying an integrated health system capable of improving health indicators and achieving comprehensive health coverage to all citizens, she added.

She said that establishing a specialized fund for health care reflects the role of SWF in attracting investments to the state and increasing the participation of the private sector in the Egyptian economy.

Meanwhile, SWF Chief Executive Ayman Suleiman said that the role of Egypt's SWF is very important to attract investments to the assets especially in light of the increased need to invest in improving health care services.

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