Minister of Planning and Economic Development Hala El-Saeed has announced that Egypt’s sovereign sub-fund for education is in the process of establishing an investment and management company in the education sector in the coming days.
In an interview with Asharq Bloomberg, El-Saeed highlighted the collaborative nature of this initiative involving the Ministry of Higher Education, a foreign university, and a private sector company.
The recently established organization will have the mandate to supervise three government-owned structures in Cairo, one of which is linked to a private university situated in the downtown area.
El-Saeed underscored that, this year, 42 percent of governmental investments will be earmarked for the education and health sectors.
In addition, it was mentioned that the government’s spending on education in 2024 has increased by 55 percent in comparison to previous years. Moreover, in June, the Sovereign Fund of Egypt made a significant foray into the healthcare industry by acquiring a notable 20 percent stake in Care Pharmacies.
According to Egypt Today the recent acquisition, which amounted to EGP 75 million, was successfully executed in collaboration with E-Z International, a subsidiary of the Sovereign Fund specializing in healthcare.
Following this transaction, the Sovereign Fund has gained ownership of 45 pharmacies, constituting a significant portion of Care Pharmacies’ total of 220 branches operating throughout Egypt.
