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Monday, 24 August 2020

SFE to set up USD 300 mn healthcare fund JV with Concord in coming months

INVESTMENT WATCH- SFE to set up USD 300 mn healthcare fund JV with Concord in October: The Sovereign Fund of Egypt (SFE) will complete setting up its USD 300 mn healthcare fund JV with Concord International Investments by October, President of Concord Group Mohamed Younes told the local press. He suggested that the fund’s first transactions would be signed by the end of the year, without delving into details. The SFE and Concord signed an MoU in May to set up the healthcare fund, which is primarily mandated with supporting and expanding both public and private healthcare infrastructure projects in Egypt and the Middle East.

The fund aims to invest USD 300 mn in regional healthcare over a year and a half to two years, with an expectation that the fund’s investment period will run from five to 10 years, depending on its level of activity, according to Younes. The fund is actively looking for other investors and is kicking the tires on five potential investments.

Renewed focus on healthcare: Covid-19 has meant refocusing on healthcare, food and food security, logistics, and infrastructure during the crisis period, the SFE’s Chief Investment Officer Abdalla ElEbiary said in an interview with Enterprise in June. The fund is currently targeting EGP 60 bn of assets to add to its portfolio, and is planning to quickly grow to EGP 1 tn.

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