Egypt’s PM reviews $5 billion FDI plan for healthcare hubs

Authorities in Egypt are reviewing a proposal from an international private-sector consortium to develop two integrated medical cities in the New Capital and New Alamein, with more than $5 billion in foreign direct investment.

Prime Minister Moustafa Madbouly chaired a meeting on Wednesday with Health and Population Minister Khaled Abdel Ghaffar, Housing Minister Randa El-Menshawy, and representatives of the consortium to review the proposed financing structure and implementation framework for the projects, according to a Cabinet statement.

The proposed developments would be fully financed through foreign direct investment and are intended to strengthen Egypt’s healthcare system while supporting the country’s ambition to become a regional hub for specialised healthcare services and medical tourism, the statement said.

Representatives of the consortium said the two projects would involve more than $5 billion in foreign direct investment, including about $2.8 billion for the medical city in the New Capital and approximately $2.5 billion for the development in New Alamein. They said the proposed investments reflected the consortium’s assessment of opportunities in Egypt’s healthcare sector and investment environment.

The Cabinet statement did not identify the consortium or disclose the companies involved in the proposed investment.

Abdel Ghaffar said the projects would provide integrated preventive and curative healthcare services in line with international standards, while supporting medical education by establishing training institutes and research facilities.

The two medical cities would include specialised hospitals as well as medical, administrative, educational and training zones equipped with advanced healthcare technologies, he added.

Madbouly said the proposal had been reviewed at several previous government meetings, reflecting the government’s commitment to advancing the projects, and discussed the proposed financing model aimed at accelerating implementation.

He directed the formation of a joint working group comprising representatives of the relevant Egyptian authorities and the consortium to finalise the technical, financial, and legal negotiations before a final agreement is reached and the projects move into the implementation phase.

Attribution: Amwal Al Ghad English