OPIC commits USD 10mn to LimeVest
INVESTMENT WATCH- OPIC commits USD 10 mn to LimeVest: The Overseas Private Investment Corporation (OPIC), the US government’s development finance institution, has committed USD 10 mn to Sharif El Akhdar’s LimeVest, which will deploy the funds in healthcare investments that have a special focus on women and children, it said in a statement (pdf).
It’s the first publicly announced fundraising for LimeVest, which focuses on providing long-term capital and expertise to middle-market and lower-middle market businesses in Egypt. OPIC financing will allow LimeVest to invest in healthcare businesses to enhance their competitiveness, create jobs, promote the role of women in the workplace, and ultimately expand access to basic healthcare services, the statement said.
Underserved healthcare market needs value-added investing, LimeVest says: LimeVest views Egypt’s healthcare system as underserved, with low spending and inefficiency creating a gap in the market that can be filled by value-added investing. Total spending on healthcare in Egypt rang in at USD 7.5 bn in 2017, making up less than 4% of GDP, and the number of hospital beds stood at just 1.3 per 1000 citizens.