Egypt is set to liquidate the Lighthouse Education fund before it even commences operations, Asharq Business reported, citing two unnamed sources familiar with the matter.

This decision was made to prevent incurring losses as the cost of building schools has surged following the devaluation of the Egyptian pound, the sources explained.

The Lighthouse Education fund, focused on investing in pre-university education, had raised EGP 500 million at its financial close in 2021.

Contributors to this close included the Sovereign Fund of Egypt (TSFE) with EGP 100 million, Banque Misr with EGP 100 million, Misr Insurance Holding Company with EGP 125 million, and Suez Canal Bank with EGP 70 million.

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