The Sovereign Fund of Egypt (TSFE) has subscribed to invest more than 250 million Egyptian pounds ($16 million) in the third issuance of Egypt Education Fund, which is managed by EFG Hermes.
The sovereign fund also signed an agreement with GEMS Education Egypt to develop and operate two schools in west Cairo, using some of the state-owned assets transferred to SFE to maximise the return on investment of these assets, according to a statement released on Tuesday.
GEMS Egypt plans to build two schools each with a capacity of 2,500 students over an area of 30,000 square metres (sqm).
The funding is the sovereign fund’s first investment in education, which reflects GEMS Education’s success over the last two years in the local market and for more than 60 years worldwide.
Investments of GEMS Education in Egypt have exceeded 1.6 billion pounds since it has launched its operations in the country.
