Cairo - Mubasher: The Egyptian Minister of Planning and Economic Development and Chairman of the Sovereign Fund of Egypt (TSFE), Hala El-Saeed, witnessed the signing of an agreement for setting up an education investment platform named Lighthouse.
The new platform will be founded by an alliance comprised of TSFE, Banque Misr, Misr Insurance Holding Company, and Suez Canal Bank with a targeted capital of EGP 1.75 billion, according to a statement on Tuesday.
The alliance and other investors will invest in the first closing of the platform with a value of more than EGP 500 million, El-Saeed said.
The platform will be managed under the supervision of Hossam Kabbani, Ironwood Investments, and Misr Capital.
The CEO of TSFE, Ayman Soliman, revealed that the platform aims to invest in 10-12 schools, mainly in Cairo and Giza in the first phase, while the second phase will cover Alexandria, Beni Suef, Assiut, Port Said, Gharbiya, and Qaliubiya.
El-Saeed noted that this investment is part of the country's efforts to improve the education sector, adding that an amount of EGP 56.4 billion has been allocated in public investments to the education sector in fiscal year (FY) 2021/2022, up by 18% from FY20/21.
