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Monday, October 16, 2023

Finance Minister calls for more private sector investments in health infrastructure

The Minister of Finance and Chairperson of the General Authority for Health Insurance, Mohamed Maait, said that the government aims to expand comprehensive health coverage to all Egyptians by partnering with the private sector. He said that the government seeks to attract more investments in health infrastructure in governorates other than Cairo to speed up the implementation of comprehensive health insurance in the next few years. He also said that this plan will ensure the quality and sustainability of health services for citizens.

Maait made these remarks in his speech at the fifth annual Sharm El-Sheikh Insurance and Reinsurance Forum. He also highlighted the importance of the cooperation protocol that was signed with the Insurance Federation of Egypt, which will integrate private medical insurance companies in providing comprehensive health insurance services. He said that this will enhance the efforts to provide a strong network of private healthcare service providers to beneficiaries and maintain the financial and actuarial balance of the comprehensive health insurance system.

Maait urged the private sector to participate actively in providing comprehensive health care and to cooperate with the General Authority for Health Insurance, whose role is limited to managing and financing the system. He stressed that the state is serious about increasing the private sector’s contributions to 65% in economic activity. He also explained that the private sector is a strategic partner in decision-making within the system, as it represents 30% of the members of the Board of Directors of the General Authority for Health Insurance and 35% of the members of the Standing Committee for Pricing Medical Services.

The Minister of Finance said that Egypt is fortunate to have a competitive and innovative insurance sector that can provide comprehensive services. He said that the development map for the new republic, which President Abdel Fattah El-Sisi established by launching many unprecedented national projects, opens broad horizons for the insurance industry in Egypt. He added that the government is working to improve the business environment for this vital sector and expects it to play a greater role in supporting the development process with its services and investments. He also hopes that its contributions to the GDP will increase in the coming years by innovating new insurance products or creating new channels for distributing them.

He concluded by saying that the authority’s financial performance indicators reflect its ability to achieve financial sustainability and meet all the requirements of the system. He said that the value of financial surplus amounted to EGP 87.1bn last July and that over EGP 5.3bn have been paid for health services provided to beneficiaries in the comprehensive insurance governorates until July at various contracted bodies.

James Mackreides
James Mackreides
'Mac' is a short tempered former helicopter pilot , now a writer based in Sofia, Bulgaria. Loves dogs, the outdoors and staying far away from the ocean.

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