Sovereign Fund of Egypt intends to launch investment fund for education sector

CAIRO - 6 December 2021: Egypt's Sovereign Fund will launch an investment fund for the education sector, according to Chief Executive Officer of the Fund Ayman Soliman.

Soliman stated,during the activities of the second day of the CEO Conference, Monday, that the fund owns a portfolio for the education sector with a current value of about LE 500 million.

In July, the Egyptian Minister of Planning, Hala El-Said, and chair of the board of directors of the Sovereign Fund, witnessed the signing ceremony of the “Lighthouse” platform for educational investments, which is being established by a consortium that includes the Sovereign Fund of Egypt, Banque Misr, the Insurance Holding Company and the Suez Canal Bank, with a target capital of LE 1.75 billion.

El-Said  stated at the time that the fund, since its inception, has adopted a strategy based on strengthening partnership with the local and foreign private sector, and stimulating investment in strategic sectors such as education, with the aim of achieving compound returns represented in providing a good product at an appropriate cost to the middle classes, as well as achieving appropriate investment returns.

She added that the state is working to intensify public investments directed to the education sector, noting that the economic and social development plan for the year 21/2022 monitored about LE 56.4 billion to provide educational services, with a growth rate of 18 percent on an annual basis, and that the plan aims to achieve a number of initiatives, most notably completing digital transformation in the education system, and the completion of distance education platforms.