Casablanca, Morocco, April 25, 2013—IFC,
a member of the World Bank Group, is investing $7 million in the Institut
des Hautes Etudes de Management, to support the leading private business
and vocational school double its student body and expand educational access
across the country.
IFC’s equity investment in HEM marks
its first direct involvement with the education sector in Morocco. Increasing
access to higher education for young people is a priority of the partnership,
and as such HEM’s expansion plans include constructing new HEM Business
School campuses in Fes and Oujda, and upgrading its Rabat campus.
Additionally, the partnership will facilitate
affordable tuition fees by establishing a new technical university to reach
more students and develop professional skills relevant to growing sectors
of the Moroccan economy. This new independent entity will expand and differentiate
from HEM's current model.
“This new university will increase
opportunities for young people throughout Morocco, enabling them to make
themselves employable and build a positive future,” said Yasmine Benamour
of HEM.
The investment is part of the E4E Initiative
to support the role of the private sector in providing post-secondary education
and training that meets the demands of the labor market and improves youth
employability. It is also in line with IFC’s strategy in Morocco to focus
on job creation, access to finance for small businesses, and improved access
to quality education
“Finding partners like HEM is crucial
to the E4E Initiative,” said Guy Ellena, IFC Director of Manufacturing,
Agribusiness, and Services in Europe, the Middle East, and North Africa.
"The need to address youth unemployment is particularly urgent in
North Africa and the Middle East, and private education has an important
role to play.”
HEM is one of Morocco's premier private
business schools, with 25 years of experience and campuses in Rabat, Casablanca,
Marrakech, Tangier, and Fes. Recognizing the importance of employment following
graduation, HEM ensures that 70 percent of its students find a job within
three months of graduation.
About IFC
IFC, a member of the World Bank Group is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, mobilizing
capital in international financial markets, and providing advisory services
to businesses and governments. In FY12, our investments reached an all-time
high of more than $20 billion, leveraging the power of the private sector
to create jobs, spark innovation, and tackle the world’s most pressing
development challenges. For more information, visit www.ifc.org.
About the E4E Initiative:
The E4E Initiative for Arab Youth, launched
in 2011, aims to provide youth with skills that are relevant to the marketplace
by investing in education, engaging stakeholders, and enabling solutions
so that Arab Youth earn a better future. Through focused IFC Investments
and Advisory efforts, the strategy of the E4E Initiative focuses on catalyzing
private sector investments in employment driven education; enabling a healthier
ecosystem for quality post-secondary education and training; and changing
mindsets on the role of the private sector in education and improving the
perception of vocational and workforce readiness training as a viable choice
for enhancing employment and entrepreneurship prospects in the region.
For more information, visit www.E4Earabyouth.com
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About HEM
HEM – Institut des Hautes Etudes de
Management - is a private Moroccan business school founded in 1988. HEM
has five campuses, 2 100 students, and more than 3000 alumnis in different
positions and sectors. Through its research center – CESEM – and its
electronic applied research platform - www.economia.ma
- HEM aims to address Morocco's major social, economic, and managerial
issues.
For more information, visit www.hem.ac.ma
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