TSFE, EFG Hermes set to acquire majority shares in capital of Arab Investment Bank

EGYPT – The Sovereign Fund of Egypt (TSFE) and EFG Hermes have agreed to acquire 76% of the capital of Arab Investment Bank (AIB) and the transaction is expected to close in the third quarter of 2021. The acquisition will be structured as a capital increase that will increase the paid-in capital of the Bank to EGP 5 billion (US$319m), making it compliant with the regulatory requirements of the Egyptian Banking Law.  “The partnership with EFG Hermes in AIB aims to capture compelling growth opportunities in the Egyptian banking sector,”…

Read More

TSFE commits US$16m to the EFG Hermes Education Fund’s third close

EGYPT – The Sovereign Fund of Egypt (TSFE) and EFG Hermes announced that TSFE has committed EGP 250 million (US$16 million) to the EFG Hermes Education Fund’s third close. TSFE and GEMS Egypt also signed a memorandum of understanding to develop and operate two premium national schools west of Cairo, which will be built over 30,000 sqm with a capacity of 2,500 students each. The schools will be constructed on TSFE-owned land, in line with its mandate to create value out of previously unutilised assets. “These investments made by TSFE…

Read More