Cairo – Mubasher: The Sovereign Fund of Egypt (TSFE) has subscribed to invest more than EGP 250 million in the third issue of Egypt Education Fund, managed by the Egyptian Financial Group Hermes Holding (EFG Hermes). 

In addition, the sovereign fund 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 the fund to maximise the return on investment of these assets, according to a statement 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 EGP 1.6 billion since it has launched its operations in the country.