The Holding Company for Pharmaceuticals affiliated with the Ministry of Public Enterprise signed new financing contracts with the Abu Dhabi Islamic Bank (ADIB) worth EGP 3.4bn with the aim of developing its affiliated pharmaceutical companies.
During the signing ceremony, Minister of Public Enterprise Mahmoud Esmat stressed the importance of investing in the pharmaceutical industry — given its strategic nature — through the projects being implemented to comply with the requirements of good manufacturing practices (GMP) in the subsidiaries.
Esmat also pointed to the need to localise the technology of the pharmaceutical industry in cooperation and partnership with the private sector, pointing to the ministry’s serious efforts to expand the production of pharmaceutical raw materials and active materials in partnership with an international company with experience in this field.
For his part, Mohamed Ali — CEO and Managing Director of the ADIB in Egypt — said he was proud of the bank’s financing of a transaction of this importance and size in a sector that comes at the forefront of the state’s priorities, emphasising the bank’s strategy that focuses on providing a comprehensive and innovative set of financial solutions to its customers made up of companies and individuals and supports cooperation efforts with influential companies and government institutions, especially the pharmaceutical industry.
The financing package is scheduled to cover all the financing requirements of the companies affiliated with the Holding Company for Pharmaceuticals, including financing projects that comply with the requirements of GMP, which contributes to increasing their exports to foreign markets, as well as granting bank financing for the purposes of financing the working capital of the subsidiaries.
The signing of contracts comes within the framework of the ministry’s keenness to develop and develop the companies affiliated with the holding company, improve the management of state investments and increase its contribution to the national economy, and resolve financial entanglements between government agencies to enable these entities to improve their services and develop them in an optimal manner.
