About a week ago, it was announced Egypt Sovereign Fund Launching a new company under the name “EZ International” in partnership with El-Ezaby Pharmacy. The company aims to provide logistical and administrative services to pharmaceutical institutions, as well as drug distribution and trade services.
Huge capabilities of the Sovereign Fund of Egypt in facing crises
Regardless of the economic advantages, the deal reveals great capabilities for Egypt Sovereign FundTo deal with crises from a different perspective, and to establish partnerships with the Egyptian and foreign private sectors, which enhances the chances of success in investing in strategic sectors that create a societal impact by providing distinctive services at a competitive cost that improves the quality of services, and in turn achieves the goals of the Egyptian state and is in line with the policy of state ownership and the role of Sovereign Fund.
The new company offers to Egypt Sovereign Fund Additional wholesale services and features for the pharmaceutical market in Egypt
Vito monitors the 6 most important gains as follows:
1- Providing logistical services to more than 500 pharmacies in the main governorates, starting with the chain of existing El-Ezaby pharmacies, which exceed 250 pharmacies, in addition to the governorates most in need of health and drug services.
2- Providing the latest technological solutions to provide a wide range of digital services that will improve operating efficiency and improve customer experience.
3- The new partnership between the fund and the private sector comes at the core of Egypt’s Vision 2030 and the sustainable development goals by developing the health care sector as a priority to achieve sustainable economic growth, in addition to expanding the industry and trade of Egyptian medicine regionally, which results in the development of key strategic sectors while achieving sustainable financial returns for generations. coming.
4- Opening up opportunities for investment and bringing experienced partners in the financial and pharmaceutical sectors to achieve the common vision of providing high-quality healthcare services at reasonable prices within the reach of all, while giving priority to the governorates most in need, and benefiting from the sector’s potential for growth with greater geographical spread and deeper technological empowerment. .
What is Egypt’s sovereign fund?
It is noteworthy that the Sovereign Fund of Egypt is a wealth fund owned by the Arab Republic of Egypt, and it was established in accordance with Law No. 177 of 2018 amended by Law No. 177 of 2020, with the aim of contributing to the financial economic development of Egypt through managing funds and assets owned or transferred to it, as well as investing in many various economic activities.
The capital of the fund is about 12.7 billion US dollars, and assets are estimated at about 637 million US dollars.
The fund’s board of directors consists of a non-executive chairman, who is the Minister of Planning and Economic Development, the membership of the fund’s executive director, representatives of the Ministry of Planning, the Ministry of Finance, the Central Bank of Egypt, and the General Authority for Investment and Free Zones, in addition to seven independent members with experience.
The Fund also includes four sub-funds operating in many fields
Egypt’s sovereign fund ranked No. 41 out of 100 global sovereign funds in the first quarter of 2021, according to the “G World” investment analysis firm.
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