Lagos, Nigeria , December 1, 2011 —
IFC, a member of the World Bank Group, is investing $5 million in Funtaj
International School Ltd to expand access to high quality private education
to hundreds of students in Nigeria.
Funtaj operates two schools in Nigeria that
serve over 1000 students between the ages of three and 18. Both schools
offer students a comprehensive curriculum of subjects, and allow boarding
options. IFC’s loan will allow Funtaj to add another school for
up to 720 students, responding to growing demand for private education
in Nigeria’s middle income segment.
Engineer Taju Ibrahim, founder and Chairman
of Funtaj, said, “IFC’s financing has not just provided us with long-term
capital, but its international experience and global leadership makes it
the most ideal partner for Funtaj. Our long-term objective is to expand
access to learning in Nigeria by creating a large network of schools to
keep up with changing educational and teaching requirements.”
Public schools in Nigeria face severe challenges
due to demands from a growing population and limitations in public funding.
Governments and consumers are increasingly relying on the private sector
to ease the burden on an overstretched public schooling system. Private
schools such as Funtaj provide higher quality education, better student-teacher
ratios, and boarding options increase access to education for students
from underserved areas.
Rachel Robbins, IFC Vice President and General
Council, said, “Education is critical to promoting growth and social mobility
and we are committed to helping our clients provide quality services, especially
in areas that lack access. By investing in Funtaj, IFC is supporting indigenous
private sector education, and will help meet the needs of Nigeria’s middle
The new Funtaj School is estimated to cost
$10 million, which will be financed by $2 million shareholder’s equity,
the IFC loan of $5 million, and parallel loans from local banks of up to
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, providing advisory services to businesses and governments,
and mobilizing capital in the international financial markets. In fiscal
2011, amid economic uncertainty across the globe, we helped our clients
create jobs, strengthen environmental performance, and contribute to their
local communities—all while driving our investments to an all-time high
of nearly $19 billion. For more information, visit www.ifc.org.