Talaat Moustafa Group (TMG) Holding CEO Hisham Talaat Moustafa has inked a cooperation protocol with the Egyptian health and population ministry to cover the costs of COVID-19 vaccines for about 2 mn unprivileged citizens, as part of the company’s corporate social responsibility (CSR) initiatives, Invest-Gate reports.

During the signing ceremony on January 12, in the presence of Minister of Health and Population Hala Zayed and Tahya Misr Fund Executive Director Tamer Abdel Fattah, Moustafa underlined that the move proves that all entities are standing hand in hand during this battle, which is what President Abdel-Fattah El-Sisi has been calling for since the inception of the pandemic in March 2020, according to the company’s recent press release.

He further explained that Coronavirus is one of the significant challenges that the world ever confronted for resulting in massive losses and economic headwinds, indicating that Egypt was able to deal professionally with this crisis “thanks to the wise decision-making, headed by El-Sisi,” the statement noted.

TMG Holding had reported sales of EGP 2.2 bn in the second quarter of 2020, representing a 69.4% YoY decline. The figures bring sales for H1 2020 to EGP 4.5 bn, resulting in a 61.9% downturn YoY, as highlighted in the EGX-listed developer’s bourse filing last July.