The Lighthouse platform for investment in education in Egypt is about to complete the first closure of a £ 500 million loan.
United Bank participated in the alliance, which includes the Sovereign Fund of Egypt, Insurance Holding Company and Banque Misr, for the establishment of the Lighthouse platform for educational investments with a capital target of 1.75 billion pounds. and the approval of the Central Bank of Egypt is being obtained.
The consortium, together with other investors, will sign the first closing of the educational platform, with a value of more than 500 million pounds.
Mohamed Al Sharif, CEO of Ironwood Investments and vice president of the Lighthouse platform, said the company’s investment firm will be formed in the coming weeks.
He added in an interview with “Al Arabiya” that the company has more than one school to acquire and “we have signed a preliminary agreement with the owners of the school and, after the company is established, we will take the approval of the investment committee., and we will begin the due diligence review and within 3 months, two schools and a plot of land will be acquired. “
He explained that the education sector is promising and that there is a gap in investment, especially in the classroom sector media, noting that the company aims for a return on investment of more than 25%.
He said the company aims to start the latter round of funding next year to raise £ 750 million to expand investment in Cairo schools, noting that the company is looking to expand as well in 5 Egyptian governorates.
He specified that the share of each of the shareholders in the loan, namely the Egyptian Sovereign Fund, the Insurance Holding and Banque Misr, is within 20%.
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