Egypt sovereign fund plans to raise $111.5m for education investment

Egypt has around 60,000 public, private and international schools, but says it needs to build many more to provide children a better education. (Reuters)

• Platform launched by fund with Misr Insurance, Banque Misr

RIYADH: The Sovereign Fund of Egypt seeks to raise about 1.75 billion Egyptian pounds ($111.5 million) to invest in providing high-quality education to the middle class through its new education investment platform, said Minister of Planning and Economic Development, Hala Al-Saeed.

Al-Saeed said that the platform was launched by the fund with initial investments of 500 million Egyptian pounds in cooperation with Misr Insurance Holding Company (MIHC), Banque Misr, and a number of private sector companies, Asharq reported.

Lighthouse investment platform for education is the fund’s third in the sector, said Ayman Soliman, CEO of The Sovereign Fund of Egypt.

The fund is targeting a portfolio of 30 to 40 billion Egyptian pounds worth of assets by the end of next year.