Sep 08, 2021

Philips signs collaboration protocol with National Bank of Egypt to provide access to financing for medical equipment

Cairo, Egypt – Philips and the National Bank of Egypt (NBE) have signed a collaboration protocol to provide financing solutions to hospitals, medical and radiology centers in Egypt to support with access to medical equipment with the aim of helping these healthcare organizations improve on healthcare delivery.

This protocol is centered on both parties leveraging their experience and capabilities in the banking and healthcare sectors. The protocol will make specialized financing solutions available for the healthcare organizations, including the Central Bank of Egypt initiative to provide funding to SME’s with a subsidized interest rate starting from 5%.

We are excited about this partnership which reflects the depth of the relationship between the National Bank of Egypt and Philips,” “Combined with our track record in providing finance solutions and funding to meet the needs of our clients and Philips’ extensive knowledge in the healthcare sector we will be able to create opportunities of expansion for existing businesses and provide access to capital for healthcare organizations.”

Yehia Abou El Fetouh

NBE Deputy Chairman

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 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.

Another challenge is the absence of flexible and innovative financing solutions making it particularly difficult for companies including hospitals, clinics and radiology centers to acquire critical medical equipment and infrastructure. The collaboration between Philips and the National Bank of Egypt will encourage sustainable growth across the healthcare industry in Egypt and facilitate the acquisition of much needed medical equipment including CT scanners, MRI systems, digital x-ray suites, diagnostic ECGs, fluoroscopy systems, as well as interventional Cathlabs, devices, therapies and other products.

Financing healthcare equipment and technologies is an important component of improving healthcare delivery. Through this collaboration and enabling access to funding we can ultimately save lives and contribute substantially to improving healthcare in Egypt through innovative solutions that are tailored to local needs,”

Iyad AlTayeb

General Manager, Philips Egypt

The partnership between the National Bank of Egypt and Philips will enable clients to acquire critical assets that meets their business goals and match global healthcare best-practices. Ultimately, this collaboration will bolster the development of Egypt’s healthcare system and improve the quality of services, giving more people access to quality healthcare.

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being 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 generated 2020 sales of EUR 19.5 billion and employs approximately 77,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

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About National Bank of Egypt

The National Bank of Egypt (NBE) is the oldest commercial bank in Egypt; established in June 1898. Throughout its long history, NBE's functions and roles have continually developed to square with the different economic and political stages in Egypt. During the 1950s, NBE assumed the central bank's duties. After its nationalization in the 1960s, it acted as a pure commercial bank besides carrying out the functions of the central bank in the areas where the latter had no branches. Moreover, since mid-1960s, NBE has been in charge of issuing and managing investment certificates on behalf of the government.

NBE has an extensive network of 571 branches, offices, and banking units nationwide (serving nearly 16.5 million customers). Additionally, the Bank maintains an effective international presence through National Bank of Egypt (UK) Limited, National Bank of Egypt (Khartoum) – Sudan, New York and Shanghai branches (in USA and China), and representative offices in Johannesburg – South Africa, Dubai – UAE and Addis Ababa – Ethiopia, plus NBE (DIFC) Limited for financial advice. This is in addition to a vast correspondent bank network around the globe (Europe – USA – Australia – Canada – the Far East – Africa – the Arabian Gulf).

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