EGYPT – The General Authority for Health Insurance, an Egyptian Government health agency, has announced plans to invest in the stock exchange to diversify the investment portfolio and maximize the return on the invested funds.
Minister of Finance and Chairperson of the General Authority for Comprehensive Health Insurance Mohamed Maait said that the Last Fiscal Year (LFY) witnessed an annual growth of 43% in the authority’s revenues, an increase in investment returns of 74% and an increase in the surplus by 37%.
The financial performance report highlights that the total funds and assets of the General Authority for Comprehensive Health Insurance at the end of June 2022 amounted to US$2.9B and the total revenues since the launch of the new system until the end of June amounted to US$3.06B.
In addition, the health insurance firm has provided self-financed medical services worth more than US$104.44M (EGP 2B) to beneficiaries of the comprehensive health insurance system in Port Said and Luxor while the state’s public treasury bore about US$26.11M in subscriptions for those with low incomes.
The private sector is expected to provide 50% of health care services under the umbrella of the comprehensive health insurance system.
Mohamed Maait further said that continuous effort is being exerted through specialized experts to generate the highest return after the Authority’s investment portfolio amounted to nearly US$2.61B (EGP 50B).
Mohamed noted that the Authority’s performance indicators during the last fiscal year reflect the financial sustainability needed to ensure the success of the desired goals to achieve the dream of all Egyptians in providing comprehensive health care.
He stated that the Authority is in good financial standing and shows promise in providing comprehensive health care for all members of the Egyptian family within 10 years instead of 15 years despite the global economic challenges.
The Chairperson of the General Authority for Health Insurance announced the Authority’s intentions to expand into South Sinai, Aswan and Suez along with plans to expand into other governorates in the second phase namely Qena, the Red Sea and Matrouh.
“Raising the efficiency of infrastructure and health facilities in the developed areas encourages us to expand geographically in various governorates,” said Maait.
The Decent Life Initiative endorsed by H.E President Abdel Fattah Al-Sisi will help shorten the time needed to complete the generalization of the new system in line with the initiative’s objective to improve the quality of life.
Furthermore, the comprehensive health insurance system managed in accordance with the latest international standards will provide promising opportunities for medical investment as it allows the private sector to provide medical services.
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