Informed sources have told Daily News Egypt that the UK’s CDC Group is undertaking the final procedures to acquire a stake in an Egyptian medical sector company. The deal is worth more than $100m, and is set to be concluded by the end of next week.
The sources also said the deal is the first the fund is implementing directly in the Egyptian market, which reflects the attractiveness of investment in the country’s medical sector. It also represents a promising opportunity for the fund, especially since the Egyptian market will be an export market to Africa.
The sources indicated that the evaluation process during the ongoing coronavirus pandemic has become more attractive, which has prompted the fund to seize the deal.
CDC had previously announced its ambition to invest up to $4.5bn across Africa over a four-year period until 2022.
This establishment has been investing in Egypt since 2003 and believes that the country is increasingly an important focus of its investment activities.
Last year, the CDC obtained Central Bank of Egypt (CBE) approval to provide tier two capital to the Egyptian banking sector. This was in preparation for the first bilateral development finance institution to obtain a permit to provide tier two capital in the banking sector in Egypt.
