By: Ahmed Allam
Cairo – Mubasher: EFG Hermes plans to take over more than 30 schools over the next five years, Karim Moussa, head of Asset Management and Private Equity at EFG Hermes, has said.
The leading Egyptian investment bank is also looking to invest about $300 million in Egypt’s education sector in the coming five years, Moussa added on the sidelines of a press conference on Monday.
The first phase will include managing and operating four schools, three schools are located in Madinaty and a school in El Rehab.
On a side note, Managing director of TMG Holding Hisham Talaat Moustafa has noted that the partnership with EFG Hermes and the Emirati provider of education services GEMS Education aims at developing education in Egypt.
Earlier on Monday, EFG Hermes announced signing a deal with TMG Holding to purchase a portfolio of elementary schools in Madinaty and El Rehab with nearly EGP 1 billion in investments.
Translated by: Mohamed Hesham Azab
