The Holding Company for Pharmaceuticals (HoldiPharma) signed an MoU with a major Chinese company to develop of a pharmaceutical raw materials production facility, with investments amounting to cEGP1 billion. The project will be implemented over four phases and will be completed under the Public Private Partnership (PPP) scheme, according to HoldipPharma’s chairman Adel Abdel Aleem, at a meeting held by Egypt’s Minster of Investment Ashraf Salman with HoldiPharma’s Chairman. The Minster of Investment stressed the significance of executing the project in a timely manner to alleviate the burden of the foreign currency import burden in the pharmaceutical sector as local producers utilise EGP8-10 billion/annum in pharmaceutical raw materials. (Al Alam Al Youm)