UK’s development finance institution CDC Group along with healthcare investor Africa Platform Capital, has announced a $100m minority equity investment in Egyptian healthcare company Alfa Medical Group (AMG).
AMG will utilise the infusion to improve its medical health services, increase public access to medical care and expand its hospital footprint.
It will also allow the company to expand its laboratory business, mainly into underserved regions across Egypt, as well as for the growth of Alfa Scan radiology centres.
CDC Group’s investment will also fund the development of the Alfa Academy, a training academy for AMG employees along with third-party healthcare staff.
Alfa Medical Group chairman and CEO Adel Talaat said: “We are honoured to welcome CDC, one of the largest development finance institutions, as shareholders in Alfa Medical Group.
“The investment marks an important milestone for our group and will allow us to expand our business and accelerate our growth. It also shows the confidence that foreign investors have in the Egyptian economy and health care sector.”
CDC Group said that the funding will help AMG to increase the number of hospital beds, which will complement the efforts of the Egyptian government to achieving its vision for Egypt 2030.
Additionally, it will help in achieving the sustainable development goals (SDGs) including SDG 3, which is to ensure healthy lives and well-being for all, SDG 8.5, to achieve full and productive employment and SDG 4.4, which is to increase the number of people who have relevant skills.
CDC head of Health and Consumer Businesses Leandro Cuccioli said: “This investment is a key part of CDC’s strategy in Egypt and we look forward to supporting more businesses in the healthcare, education and other consumer driven sectors.”