Collaboration between EFG Hermes Leasing and Philips Egypt LLC Gives Egyptian Healthcare Facilities including Start-Ups, SMEs and Hospitals Access to Financing for Medical Equipment

 

The vendor program will focus on providing leasing solutions to healthcare start-ups and small and medium enterprises with the goal of further developing Egypt’s healthcare sector

October 31, 2017

EFG Hermes
Cairo, Egypt - EFG Hermes Leasing, the leasing arm of the leading financial services corporation in the Middle East and North Africa, has signed a cooperation agreement with Philips Egypt to provide leasing solutions for healthcare professionals in private practice, start-ups, small to medium enterprises (SMEs), and hospitals.

Both organizations plan to leverage their respective experience in Egypt’s leasing and healthcare sectors to develop financing plans tailored to meet the specific needs of start-ups breaking into Egypt’s healthcare market as well as for more established small- and medium-sized enterprises (SMEs).

 

There are substantial variations in the geographic distribution of healthcare facilities in Egypt with Upper Egypt being relatively under-served. The majority of the healthcare facilities in the rural governorates are small, private health clinics and diagnostic centers. Most small and medium-sized private clinics in Egypt have limited access to financing from banks due to the perceived high investment risks. As a result, they are not able to invest in medical equipment, carry out necessary renovation works or recruit qualified personnel.

 

Infrastructure constraints see the sector struggling to provide affordable, high-quality services. The absence of flexible and innovative financing solutions makes it particularly challenging for new companies including hospitals, clinics, diagnostic centres, and pharmaceutical manufacturers to acquire critical medical equipment and infrastructure.

 

The collaboration between Philips and EFG Hermes Leasing will encourage sustainable growth across the healthcare industry in Egypt and facilitate the acquisition of medical imaging systems (including CT scanners, mammography systems, and MRI systems), digital x-ray suites, diagnostic ECGs, fluoroscopy systems, as well as interventional devices, therapies and other products.

 

“We are excited to combine our deep, on-the-ground experience with Philips’ extensive knowledge in the healthcare sector to develop customized financing solutions that will help unlock the growth potential of the country’s healthcare SMEs and start-ups,” said Ahmed El Kholy, CEO of EFG Hermes Leasing. “Combined with our market-leading turnaround time, tailored finance structuring, expert advisory and emphasis on a long-term relationship with our clients, we will reduce high barriers to entry and help catalyse the affordability of healthcare equipment.”

 

“Philips aims to contribute substantially to improving healthcare in Egypt through innovative solutions that are tailored to local needs. Many small and medium sized clinics and health facilities across our country would like to invest in new medical technology, but find it difficult to obtain the necessary finance. Through this collaboration we enable them to make quality Philips healthcare solutions available to a large group of people who need them the most. This also represents the next step in the further expansion of our activities in Egypt,” says Sameh F. Gabra, General Manager, Philips Egypt & North East Africa.

 

Egypt’s growing population and low rates of insurance coverage have created opportunities for healthcare start-ups and expansion potential for existing players. The vendor cooperation program between EFG Hermes and Philips Egypt is a financial leasing solution to provide companies with value-added advisory services and tailored financing plans that will enable clients to acquire critical assets that meets their business goals and match global healthcare best-practises. Ultimately, this collaboration will bolster the development of Egypt’s healthcare system as a whole by providing assistance and equipment to individual facilities and service providers.

For further information, please contact:

EFG Hermes Media

media@efg-hermes.com

 

May El Gammal
Head of Marketing & Communications

melgammal@efg-hermes.com

 

Radhika Choksey                                                          

Philips Group Communications - Africa                               

Tel: +31 62525 9000                                                      

E-mail: radhika.choksey@philips.com

About EFG Hermes Leasing

Established in 2015, EFG Hermes Leasing is a wholly owned subsidiary of EFG Hermes that utilizes the firm’s decades of experience across industries and geographies to offer leasing services to high-potential corporations and SMEs across Egypt. The company provides tailored leasing solutions and highly sought-after, value-added advisory to help qualified businesses of all sizes meet their business goals. EFG Hermes Leasing serves as a long-term partner, creating value for clients, vendor partners and parent companies alike by offering unrivalled financial solutions.

 

For more details, please visit www.efghermesleasing.com

For further information about EFG Hermes Holding, please visit www.efghermes.com

 

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About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips' health technology portfolio generated 2016 sales of EUR 17.4 billion and employs approximately 71,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

Note on Forward-Looking Statements

In this press release, EFG Hermes may make forward-looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Hermes’ belief regarding future events, many of which, by their nature are inherently uncertain and are beyond management’s control and include among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.