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Wednesday, 9 June 2021

CIRA to set up new language school in New Rashid

Private education outfit CIRA is planning to set up a language school in New Rashid, and is close to wrapping up its purchase of a 20k sqm piece of land from the New Urban Communities Authority, sources familiar with the project told us, confirming a local press report. The greenfield project will be located in the new city’s Bashayer El Kheir low-cost housing district, and has already received technical clearance, the sources said, adding that the land purchase price will be reviewed on Thursday. The sources declined to say how much the company may be paying for the land, how much it plans to invest in the school, or when it expects to start construction.

CIRA has been pushing heavily into new urban areas. Having recently opened the doors of the Regent British School in New Mansoura, the company’s pipeline includes an international school under construction in New Sohag, branches of two others in O West in the Sixth of October. It also plans to spend EGP 700 mn on constructing a new university in Assiut’s Nasser City that’s expected to cost a total of EGP 2.45 bn. In December 2019, CEO Mohamed El Kalla said the company had earmarked over EGP 2 bn for several ongoing and future projects.

EAEF publishes second annual impact report

The Egyptian American Enterprise Fund committed USD 67.7 mn to its investment partners in 2020, including USD 50 mn to its PE firm Lorax Capital Partners, the fund said in its annual impact report (pdf). This is in addition to providing Fawry Microfinance with USD 10 mn to help extend loans to MSMEs, while acquiring a minority stake in Al Tayseer Healthcare Group and co-investing USD 6.7 mn in the firm. Since its establishment in 2011, EAEF has invested almost USD 224 mn in 10 companies and four funds, and attracted at least USD 447 mn in foreign direct investments to Egypt, it said.

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