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Sunday, 23 October 2016

AfDB commits USD 20 mn to EFG Hermes’ USD 200 mn Rx Healthcare Fund

AfDB commits USD 20 mn to EFG Hermes’ USD 200 mn Rx Healthcare Fund: The African Development Bank has committed to investing USD 20 mn a healthcare fund managed by EFG Hermes, the institution said in a statement issued on Friday. The fund will invest in healthcare businesses in Egypt, Tunisia and Morocco in its first deployment of capital and will look at opportunities in “Ethiopia, Kenya, Nigeria and Sudan with substantial transfer of lessons learnt and latest healthcare technology.” AfDB will take a seat on the advisory board to the fund, which has a fundraising target of USD 200 mn from which it is aiming to secure pledges from both institutional investors and development finance institutions. The fund is led by former Health Minister and ex-Dar El Fouad chief Hatem El Gabaly.

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