Elevate Private Equity (Linkedin) is investing at least EGP 500 mn to establish a dedicated cancer treatment facility in Egypt, a company spokesperson told Enterprise yesterday. This came on the same day that Elevate announced (pdf) the signing of an MoU with the France-based Gustave Roussy Institute, one of Europe’s leading cancer hospitals, to collaborate on the facility. Elevate was unable to provide an exact value for the MoU when we asked.

First services coming in 2H2022: The center will comprise a digital pathology platform, a cancer diagnostics center, and a cancer management hospital. Pathology and diagnostics services will be up and running within the next 6-9 months, while the completion date for the full hospital is still to be determined, the company told us.

Elevate is investing through its new Elevate Healthcare platform established with Misr Capital last year. The USD 380 mn fund aims to invest in healthcare in Egypt and sub-Saharan Africa and has been billed as the biggest specialist fund of its kind on the continent.

Elevate will also be leveraging a USD multi-mn agreement with Elekta to bring cutting-edge radiotherapy cancer treatment to Cairo, making it the first private sector institution to bring this nolvadex-tamoxifen.net to the Egyptian market, the spokesperson told us.

ALSO IN INVESTMENT-

CIRA + Al Ahly Capital to cover half of investments in applied tech university: Private sector education outfit CIRA and Al Ahly Capital, the National Bank of Egypt’s investment arm, will together finance half of CIRA’s EGP 2.1 bn applied tech university, CIRA Project Manager and Investments Officer Mohamed El Khouly told Al Mal. Of the EGP 1 bn that CIRA and Al Ahly Capital will pony up, CIRA will contribute 60% and Al Ahly Capital will provide the remaining 40%, a CIRA official confirmed to Enterprise.

Where’s the rest of the funding coming from? CIRA is still in talks with banks for a loan to cover the other half of the investment costs, El Khouly said. Last we heard, the company was reportedly negotiating with a syndicate of three international banks for a credit facility.

The plan for the university: The first phase of the project will see four colleges established for when the university opens its doors in the 2022-2023 academic year, at a cost of around EGP 1.4 bn, according to El Khouly. This amount includes EGP 700-800 mn that will be financed through bank loans, he said. The university will then introduce two new colleges every year until it reaches a total of 13.

EDITOR’S NOTE- This story was updated on 22 February, 2022 to amend Mohamed El Khouly’s title.