Egypt's Sovereign Sub-Fund for Education to Establish An Investment CompanySource: www.export-egypt.com 6/25/2024, Location: Africa |
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Minister of Planning and Economic Development, Hala El-Said, has revealed that Egypt's sovereign sub-fund for education is set to establish an investment and management company in the education sector within days.
In an interview with Asharq Bloomberg, El-Said mentioned that this initiative is a collaborative effort involving the Ministry of Higher Education, a foreign university, and a private sector company. The newly formed company will be responsible for overseeing three government-owned buildings in Cairo, one of which is associated with a private university located in the downtown area. El-Said emphasized that this year, 42 percent of government investments will be allocated to the education and health sectors. Furthermore, she stated that the government's expenditure on education in 2024 has risen by 55 percent compared to previous years. In June, Egypt's Sovereign Fund made a significant investment in the healthcare industry by acquiring a notable 20 percent stake in Care Pharmacies. This strategic move, valued at LE75 million, was accomplished through a joint effort with E-Z International, a subsidiary of the Sovereign Fund specializing in healthcare. As part of the acquisition, the Sovereign Fund now possesses ownership of 45 pharmacies, which represents a substantial portion of Care Pharmacies' total of 220 branches operating across Egypt. |
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