The Sovereign Fund of Egypt (TSFE) and EFG Hermes announced Tuesday that the former had committed LE250 million to the EFG Hermes Education Fund\u2019s third close. <\/p>\n
TSFE and GEMS Egypt also signed a memorandum of understanding to develop and operate two premium national schools western Cairo, which will be built over 30,000 sqm with a capacity of 2,500 students each. The schools will be constructed on TSFE-owned land in line with its mandate to create value out of unutilized assets.<\/p>\n
The investment is considered TSFE\u2019s first in Egypt\u2019s education sector and is a testament to GEMS Egypt\u2019s success in the local market over the last two years whereas the fund injected investments amounting to almost LE1.6 billion.<\/p>\n
\u201cThese investments made by TSFE in the education sector serve to underscore the state\u2019s strategic priorities, which are aligned with its political leadership\u2019s vision to achieve the overarching sustainable development principles and goals outlined in Egypt\u2019s Vision 2030,\u201d Minister of Planning & Economic Development and Chairperson of TSFE Dr. Hala El Said said.<\/p>\n
\u201cTSFE seeks to increase returns and create wealth for future generations across several axes, among which is creating sustainable returns from its existing and potential assets through investments in projects that tie closely to Egypt\u2019s priorities. This also falls in line with investing in human capital, which is considered a fundamental element of the comprehensive development process. Egypt\u2019s Vision 2030 emphasizes education as central to the development of future generations, especially through the use of technology, which has become vital to the future of all economies. TSFE\u2019s focus on these investments will result in meeting multiple objectives represented in utilizing idle assets and creating educational capacities while generating sustainable returns on investment.\u201d<\/p>\n
\u201cThe resilient yet growing education sector in Egypt continues to provide attractive opportunities for local and global players,\u201d said CEO of TSFE Ayman Soliman. \u201cThe distinguished partnership between TSFE, EFG Hermes, and GEMS Egypt will set a benchmark in the sector as it will present our distinct national curricula through a school model that also focuses on the development, sports, interpersonal skills, and technological integration, encompassing a plan for a modern curriculum that aligns with Egypt\u2019s future vision for education. Part of TSFE\u2019s current and potential assets will be used to provide a wide segment of Egyptians with a high-quality education that is benchmarked against international standards at affordable tuition. This is intended to support the middle class against challenges that include waiting lists for school entry and the burdens of private lessons. This partnership will also be followed by similar alliances with entities that possess technical know-how and the necessary capital shortly.\u201d<\/p>\n
\u201cEFG Hermes has committed itself to establish the largest education investment fund in Egypt,\u201d said Group CEO of EFG Hermes Karim Awad. \u201cThis partnership with TSFE confirms the dedication of the Firm to invest in the education sector \u2014the main pillar and growth driver of the country\u2019s economic development. We aspire to further fortify this agreement through continuous collaborations and the concerted efforts of various entities across the Egyptian educational sector, as we seek to guarantee the right to quality education for all Egyptians and upgrade the competitive capabilities of the Egyptian education system in line with Vision 2030.\u201d<\/p>\n
\u201cWe are honored to be partnering with TSFE and recognize the valuable addition it brings to the EFG Hermes Education Fund. Our visions and goals are in direct alignment when it comes to unlocking potential and driving value in the Egyptian education sector by developing a strong institutional presence capable of offering educational services that follow the highest global standards,\u201d said Head of Assets Management & Private Equity at EFG Hermes Karim Moussa. \u201cThis is the third close of our education fund, which now ranks as one of the largest specialized investment funds in the MENA region. Our fund\u2019s capital currently amounts to c. USD 150 million, which perfectly positions us to continue expanding our scope in the Egyptian market.\u201d <\/p>\n
\u201cWe have been working to develop a full-fledged platform that offers world-class education services across our offering, be that in national or international schools,\u201d said GEMS Egypt CEO Ahmed Wahby. \u201cOur partnership with TSFE will allow us to effectively utilize GEMS Egypt\u2019s unique capabilities which include distinguished teacher training academies, modern international curricula, international educational benchmarks, and advanced information technology infrastructure to offer students a balance between a strong national curriculum and the most advanced international learning techniques. We believe our comprehensive management service model will help expand our geographical presence in the local market while maximizing value for landowners like TSFE through long-term impactful investments.\u201d<\/p>\n
Egypt Today<\/p>\n","protected":false},"excerpt":{"rendered":"
The Sovereign Fund of Egypt (TSFE) and EFG Hermes announced Tuesday that the former had committed LE250 million to the EFG Hermes Education Fund\u2019s third close. TSFE and GEMS Egypt also signed a memorandum of understanding to develop and operate two premium national schools western Cairo, which will be built over 30,000 sqm with a […]<\/p>\n","protected":false},"author":40,"featured_media":221960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7863],"tags":[52222,66261,2484,71165,71167,71166,71104],"class_list":["post-221959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-section","tag-ayman-soliman","tag-dr-hala-el-said","tag-egypt","tag-gems","tag-karim-moussa","tag-mena-region","tag-tsfe"],"yoast_head":"\n