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The Sovereign Fund of Egypt (TSFE) and EFG Hermes announced today that TSFE has committed EGP 250 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 unutilized assets.
EFG Hermes Corp-Solutions helps business owners grow sustainably, providing them with immediate access to liquidity without diluting equity or incurring in further debt by selling businesses’ accounts receivables. It also offers a roster of tailored, comprehensive leasing solutions and value-added advisory services.
PayTabs Egypt is an innovative fintech solution that caters to both the online and digital payment needs of multiple consumer segments in the country. The platform allows users to carry out financial transactions such as purchases, money collection, or bill payments to empower financial inclusion and cashless payments.
Over the last decade, cyberattacks have been among the biggest threats to financial institutions. Advances in technology have honed cybercriminals’ skills and techniques. They’ve also become more organized, forming groups that make it difficult for financial service providers to manage cybercrime risk. Losses from cybercrime are substantial in the financial sector, ranging from litigation to having to refund customers, from the cost of preventing another attack and, of course, a dent in the institution’s reputation. Banks are the most targeted financial institution because of the high value of customer deposits, the wealth of data they sit on, and their reliance on vulnerable digital and technology solutions.