Lima, Peru, June 24, 2014—IFC,
a member of the World Bank Group, will invest $25 million in Proyectos
Educativos Integrales del Peru (PEIP), which owns and operates Avansys
Instituto de Educacion Superior, to expand access to career-oriented higher
education through the establishment of a new network of educational institutions
PEIP plans to become one of the leading
providers of private higher education in Peru by creating a network of
technical institutes and a university to train low-income students. It
is also developing a small network of primary and secondary schools throughout
The number of students in Peru is growing
rapidly, and recent studies by the World Bank show that the country lacks
training for the high-demand technical jobs that are essential to Peru’s
growing economy and that can provide a way out of poverty for low-income
students. IFC’s investment will support PEIP’s efforts to fill this gap
in educational opportunity.
The company (PEIP), which is part of
El Comercio media holding group in Peru (through its subsidiary Vigenta
Educación), expects to reach thousands of low-income students through a
network of educational institutes.
“We are excited to partner with IFC,
which will contribute extensive know-how in the education sector and will
provide access to best practices and technological tools to deliver quality
education to low-income students, enhancing their job skills and improving
their lives,” said Jose Antonio García Miró, Board of Directors President
of Empresa Editora El Comercio.
“Education investment is essential
for ending poverty in emerging economies like Peru,’’ said Juan Gonzalo
Flores, IFC’s acting regional manager for the Andean region. “Private
education providers, like PEIP, play an important role in improving access
to quality education and training in Peru,” he said.
IFC is the largest multilateral investor
in private education in emerging markets. IFC invests to promote the objectives
of improving access, lowering costs and helping students prepare for employment.
IFC’s education portfolio stands at
$651 million, encompassing over 60 projects in 24 countries, including
several of the world’s poorest. In 2013, IFC’s private education
projects helped benefit over 1 million students while providing employment
for over 50,000 people.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. Working with private enterprises in more than 100 countries,
we use our capital, expertise, and influence to help eliminate extreme
poverty and promote shared prosperity. In FY13, our investments climbed
to an all-time high of nearly $25 billion, leveraging the power of the
private sector to create jobs and tackle the world’s most pressing development
challenges. For more information, visit www.ifc.org