CDC Group, the UK’s development finance institution and impact investor, announced on Wednesday that it is injecting a $100 million minority equity investment in Alfa Medical Group (AMG), one of the healthcare providers in the Egyptian market, alongside healthcare investor Africa Platform Capital.
CDC has been investing in Africa for over 70 years.
The new investment aims at improving medical health services and increasing public access to medical care, according to CDC.
This investment will help increase the number of hospital beds providing quality healthcare, complementing the Egyptian government’s efforts in achieving its vision for Egypt 2030, CDC said.
Adel Talaat, chairman and CEO of AMG, said that this investment will contribute to achieving the sustainable development goals (SDGs), including SDG 3 (Ensure healthy lives and well-being for all), SDG 8.5 (Achieving full and productive employment), and SDG 4.4 (Increasing the number of people who have relevant skills).
He added that the investment reflects the confidence that foreign investors have in the Egyptian economy and healthcare sector.
Sir Geoffrey Adams, British Ambassador to Egypt, said that the move, which is CDC’s largest ever equity investment in Egypt, is a fantastic illustration of the strength of the UK-Egypt trade and investment partnership.
“The deal will support healthcare in Egypt at a time of unprecedented challenges, improving access to medical care across Egypt for those in need,” Adams said.
Egypt and the UK inked in December a bilateral trade agreement that came into effect on January. The deal aims at allowing British businesses and consumers to benefit from continued preferential access to the Egyptian market.