PHOTO
01 July 2015
Investbridge Capital (IBC), education network SABIS and East African investment firm Centum plan to launch a new company that will invest around USD 600 million on schools in East Africa and Egypt over the next three to five years, an IBC official said on Wednesday.
"The alliance will build and operate more than 20 schools in Africa, at an estimated cost of between USD 20 million and USD 30 million each," IBC Executive President Mark De Sario told reporters.
He said that the new company would be part of the SABIS network, which caters to nearly 65,000 students worldwide.
The first school would be built in Kenya and the plan is to rapidly expand the program into neighboring countries like Uganda and Tanzania, before establishing a presence in Egypt.
The announcement comes just one month after a summit of Sub-Saharan African countries, where leaders vowed to support more public-private investment initiatives in the education sector. Currently, most African countries allocate around 2-5% of their gross domestic product to education.
Dubai-based IBC is an investment company that provides corporate advisory, asset management solutions, and funding for real estate projects across Middle East and North Africa. Centum is the biggest investment company listed at the Nairobi and Ugandan stock markets.
SABIS operates schools in 16 countries through three independent corporations headquartered in the United States, Lebanon and the United Arab Emirates.
© Zawya 2015
Investbridge Capital (IBC), education network SABIS and East African investment firm Centum plan to launch a new company that will invest around USD 600 million on schools in East Africa and Egypt over the next three to five years, an IBC official said on Wednesday.
"The alliance will build and operate more than 20 schools in Africa, at an estimated cost of between USD 20 million and USD 30 million each," IBC Executive President Mark De Sario told reporters.
He said that the new company would be part of the SABIS network, which caters to nearly 65,000 students worldwide.
The first school would be built in Kenya and the plan is to rapidly expand the program into neighboring countries like Uganda and Tanzania, before establishing a presence in Egypt.
The announcement comes just one month after a summit of Sub-Saharan African countries, where leaders vowed to support more public-private investment initiatives in the education sector. Currently, most African countries allocate around 2-5% of their gross domestic product to education.
Dubai-based IBC is an investment company that provides corporate advisory, asset management solutions, and funding for real estate projects across Middle East and North Africa. Centum is the biggest investment company listed at the Nairobi and Ugandan stock markets.
SABIS operates schools in 16 countries through three independent corporations headquartered in the United States, Lebanon and the United Arab Emirates.
© Zawya 2015
