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),…

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…

Read More