Doctors, physiotherapists and dentists authorised by the Medical Syndicates Union have been added to the list of beneficiaries for the Central Bank of Egypt’s (CBE) initiative to finance small businesses and facilities, the bank stated on Tuesday.
Small businesses are classified as companies with less than 200 employees and a market value of between EGP one million and EGP 50 million under this strategy.
Small enterprises under construction that employ less than 200 people and have a business value of EGP 50,000 to below EGP three million for industrial projects and below EGP five million for other types of projects are also targeted by the initiative.
This step, according to the CBE, is part of its efforts to help the country’s health sector in accordance with the government’s aims.
The CBE also seeks to assist doctors in opening their own clinics and equipping them with the necessary devices and supplies in collaboration with the Egyptian Authority for Unified Procurement (UPA).
Egypt increased spending on the health sector by EGP 4.5 billion during the current FY2021/22 — which will end by the end of June — in response to the ongoing COVID-19 pandemic, in addition to the EGP two billion allocated to procure drugs and the EGP one billion allocated to finance medical treatments.
Health and education have been the top sectors in terms of spending during the current FY, with EGP 108.8 billion allocated for the health sector and EGP 172.6 billion for the education sector. It is expected that these allocations to increase in the upcoming FY2022/23.
