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The Egyptian General Health Insurance Authority aims to invest in the stock market to diversify its investment portfolio

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Egypt – Mohamed Maait, Minister of Finance and Chairman of the General Authority for Comprehensive Health Insurance, said the authority aims to invest in the stock market to diversify the investment portfolio and maximize the return on funds invested.

He explained in a statement on Monday that the last fiscal year saw an annual growth of 43% in the authorities’ income, an increase in investment returns of 74% and an increase in the surplus of 37%.

Furthermore, he said the investment portfolio stands at nearly EGP 50 billion, emphasizing that continuous efforts are being made by specialized experts to generate the highest return.

The Minister also pointed out that the total funds and assets of the General Authority for Comprehensive Health Insurance at the end of June 2022 stood at EGP 55.6 billion, and that the total revenue since the launch of the new system until the end of June amounted to EGP. 58.5 billion.

Furthermore, Maait confirmed that the performance indicators of the authorities over the past fiscal year reflect the financial sustainability needed to ensure the success of the desired goals to realize the dream of all Egyptians by providing comprehensive health care to all members of the Egyptian family in 10 years instead of 15 years despite global economic challenges, ensuring that the authority is financially sound and promising.

Furthermore, the Presidential Decent Living Initiative contributes to shortening the time needed to complete the generalization of the new system.

The increase in the efficiency of health infrastructure and facilities in developed areas encourages us to expand geographically in various governorates. Over the next few months we will move to the rest of the first phase governorates which are South Sinai, Aswan and Suez and then the second phase governorates which are Qena, Red Sea and Matrouh, said Maait.

He also pointed out that the authority provides self-funded medical services with more than EGP 2 billion to beneficiaries of the comprehensive health insurance system in Port Said and Luxor, and that the state treasury supports about 500 million EGP in subscriptions for low-income people.

The minister added that the comprehensive health insurance system offers promising opportunities for medical investment, as it enables the private sector to provide medical services.

The private sector should provide 50% of health care services under the comprehensive health insurance system. Maait explained that the prices approved for the contracts are attractive to the private sector and are subject to periodic updating to ensure lasting justice.

For his part, Hossam Sadek, Executive Director of the Comprehensive Health Insurance System, said the new system is managed in accordance with the latest international standards to ensure the sustainability of compliance with the obligations to provide comprehensive health care to citizens with a high efficiency and quality. He noted that the authority has an advanced strategy for the safe investment of universal health insurance funds that guarantees the maximum return, including investment in bonds, treasury bills and deposits.

Sadek added that the registration rate of citizens in the system in Port Said exceeds 90% and more than 1.5 million cases are received each year.

The new system covers 3,000 health services, including surgery and oncology services, as well as organ transplantation and others. Sadek also noted that the new system will be applied to Luxor and Ismailia this fiscal year.

2022 Egypt Daily News. Provided by SyndiGate Media Inc. (Syndigate.info).

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