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TSFE’s healthcare arm and B Investments sign agreements to boost pharma trade

The two agreements/investments are a step towards institutionalizing the healthcare sector, explained Hala El-Said

By: Business Today Egypt

Tue, Jan. 24, 2023

TSFE Healthcare & Pharma Subfund – The Sovereign Fund of Egypt’s (TSFE) healthcare and pharmaceutical industries arm – and B Investments Holding signed two agreements to invest over EGP 2 billion in specialized healthcare, and pharmaceuticals distribution and trade services.

“This partnership marks TSFE’s first investment into the healthcare and pharmaceutical services industries. We are glad to partner with BPE Partners who possess the required investment management expertise to realize our shared vision of providing affordable, high-quality healthcare services across all regions in Egypt,” states Ayman Soliman, CEO of The Sovereign Fund of Egypt.

“TSFE’s trade pharma platform is an integral pillar in the subfund’s strategy. Egypt’s pharmaceutical industry is currently worth over EGP 130 billion and our aim is to provide investment solutions to enhance governance, achieve cost efficiencies, and ensure market stability to unlock the sector’s full potential” he added.

The first agreement sees B Investments and TSFE committed to invest EGP 200 and EGP 100 million, respectively, into B Healthcare Investments (BHI), which is looking to raise up to EGP 1 billion. The current paid-in capital of BHI is EGP 130 million.

The second agreement includes B Investments investing an undisclosed amount into the subfund’s established platform dedicated to investing in pharmaceutical distribution and trade services.

The platform aims at enhancing efficiencies and injecting capital to support infrastructure upgrades required to institutionalize the sector.

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The two agreements/investments are a step towards institutionalizing the healthcare sector, explained Hala El-Said, Minister of Planning and Economic Development and Chairman of the Board of Directors of the Sovereign Fund of Egypt.

“TSFE prioritizes the development of the healthcare sector as a prerequisite to achieving sustainable and inclusive economic growth, in line with Egypt’s Vision 2030 goals, as well as the Sustainable Development Goals (SDGs),” she added.