Gov’t settles 90% of its arrears to pharma companies

The Madbouly government has settled 90% of its arrears to pharma companies, with the remaining dues to be cleared by the end of FY 2026/27, Egyptian Chambers of Commerce’s pharma division head Ali Ouf tells EnterpriseAM.

The settlement is already boosting liquidity across the sector, allowing manufacturers to rebuild their strategic stockpiles, Ouf adds. The Finance Ministry is significantly hiking allocations for state buyers in the upcoming fiscal year, according to the budget document seen by EnterpriseAM.

MEANWHILE- The state is also preparing to hike prices for around 150 imported meds without local alternatives, Ouf tells us. The move should help prevent future market shortages if shipping costs continue to rise and the value of the EGP continues to slide, with a pricing review set for July.

First time debt tap for Globalcorp

Our friends at GlobalCorp closed an EGP 1 bn short-term notes (STN) issuance backed by the business’ factoring portfolio, marking the first time it has tapped debt capital markets, according to a press release (pdf). The move comes just as the NBFS player gears up to formally launch a sale process that could see up to 100% of the company change hands.