Cairo – Mubasher: EFG Hermes plans to invest $300 million in Egypt’s education sector in collaboration with the Emirati provider of education services GEMS Education in the next five years.
The leading Egyptian investment bank will invest in Egypt’s education sector for the first time within the two next months, head of Asset Management and Private Equity at EFG Hermes Karim Moussa told Reuters.
The company plans to acquire four or five schools by the end of September, Moussa added.
He highlighted that the company will acquire already constructed schools, while establishing new ones.
The investment bank will focus its operation on Cairo and Alexandria and it will enter other governorates afterward, he indicated.
Egypt has around 600,000 new students every year who need schools, he said, noting that the Egyptian educational market has 21 million students.
He remarked that 90% of schools in Egypt are public, while only 10% are private.
On Sunday, EFG Hermes announced that it has entered into a partnership with the prominent provider of education services GEMS Education to launch a new education-focused platform focused on Egypt.
Upon the partnership, EFG Hermes will establish an investment fund to be directly managed by its private equity arm to finance the joint venture’s projects in order to provide a unique educational experience for students from kindergarten to twelfth grade.
