Egypt’s new pharma venture to boost local manufacturing

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The Sovereign Fund of Egypt (TSFE) and private equity firm B Investments have announced the launch of EZ International, which will expand the country’s manufacturing capabilities and trade services in the pharmaceutical sector.

The new venture will be developed by TSFE’s healthcare and pharmaceutical industries Subfund and local pharmaceutical chain El-Ezaby Pharmacy.

EZ International will be a “one-stop shop” for the country’s pharmaceutical companies, offering logistical and administrative support to distribution and trade services for the country’s EGP130 billion ($4.2 billion) pharmaceutical industry.

TSFE and B Investments have finalised a two-year capital increase plan to support the new venture. The proceeds will kickstart EZ International, helping it roll out services to more than 500 pharmacies countrywide, starting with El-Ezaby’s more than 250 branches. 

Egypt’s minister of planning and economic development and TSFE’s chairperson Hala El-Said said the venture is in lockstep with the country’s Vision 2030 and aims to develop the pharmaceutical sector’s manufacturing capabilities and trade services.

B Investments co-founder and chairman Hazem Barakat said the company will use its financial and administrative expertise to support and develop companies in Egypt’s critical and promising healthcare and pharmaceutical sectors.