EGP 14.7 billion in credit facilities for suppliers, alongside regular monthly cash flows in the current budget.

Cash disbursements of around EGP 7.4 billion will be made within days to settle suppliers’ dues.
Suppliers will also be allowed to benefit from bank credit facilities through letters of credit amounting to nearly EGP 7.3 billion.

“We are working with the Ministry of Health and Population and the Egyptian Unified Procurement Authority to support the pharmaceutical sector and meet citizens’ needs. We are dealing decisively with challenges and closing legacy files with practical solutions in coordination with relevant stakeholders. The current budget is fully aligned with the targets of the new electronic unified procurement system to prevent any accumulation of arrears. Since July 1st, we have disbursed EGP 14 billion to the Unified Procurement Authority to settle suppliers’ dues, and EGP 73.4 billion during the last fiscal year,” affirmed Minister of Finance Ahmed Kouchouk.

“We are committed to responding swiftly, flexibly, and effectively to any challenges facing our business partners,” the Minister added.

Head of the Egyptian Unified Procurement Authority:
“Full appreciation goes to everyone who contributed to creating the right conditions to ensure the sustainability of pharmaceutical supply chains. The new electronic system guarantees that no arrears will accumulate for supplying companies,” said Dr. Hesham Seteit, Chairman of the Authority.

Pharmaceutical companies’ representatives:
“We are grateful for the government’s attention and the Ministry of Finance’s and the Authority’s responsiveness to our proposals to expedite the settlement of suppliers’ dues,” company representatives emphasized.

Representatives of foreign companies:
“Egypt is a large and promising market. We have expanded our activities recently and are targeting further growth. This clarity of vision greatly supports the sound economic management of our projects,” they stated.

 

 

 
Minister of finance Ahmed Kouchouk and Dr. Hesham Seteit, Chairman of the Egyptian Unified Procurement Authority, held a meeting with representatives of pharmaceutical companies at the Ministry of Finance headquarters in the New Administrative Capital. The meeting announced new mechanisms to provide multiple financing sources and ensure liquidity for pharmaceutical companies.

 

This comes as part of a series of meetings chaired by Prime Minister Dr. Mostafa Madbouly and Deputy Prime Minister and Minister of Health and Population Dr. Khaled Abdel Ghaffar with leaders of the healthcare and pharmaceutical industries, aimed at settling pharmaceutical companies’ dues in a manner that guarantees stability and sustainability of supply chains.