Kampala, Uganda, September 29, 2010
– IFC, a member of the World Bank Group, today launched the Africa
Schools Uganda Program to support improvements to private secondary and
tertiary schools in Uganda, while helping thousands of students in the
country access high-quality education. The Program works in partnership
with the African Development Bank (AfDB).
IFC plans to deliver advisory services
to 500 schools in Uganda over the next two years, helping them address
financial and management issues so they can offer improved educational
services. IFC will also help participating schools access finance from
local commercial banks, including Diamond Trust Bank, DFCU, and Bank of
Jean Philippe Prosper, Director for
Eastern and Southern Africa, said, “This program offers an innovative
way to have a long-term positive impact on social and economic development
in Uganda and across Africa. Through the Africa Schools Uganda Program,
IFC and AfDB will support the growth of private schools in the country,
increasing access to high-quality education across income levels.”
A lack of access to finance and support
services has limited the ability of many private institutions in Uganda
to meet demand and run efficiently. The Africa Schools Uganda Program will
help private schools access the advisory and financial support they need
to grow, complementing Uganda’s efforts to increase access to quality
The program will help participating
private schools in a range of areas, including: business and strategic
plan development; corporate governance; human resources; financial and
accounting management; environment, heath, and safety standards.
IFC will also provide advisory services
to help local banks increase lending to private educational institutions.
The Africa Schools Uganda Program aims to achieve an increase access to
finance for 200 schools by $5 million, and the number of students enrolled
in the target schools by 5,000 by 2012.
The Africa Schools Program, launched
in 2007, has already proved successful in Ghana, Kenya, and Rwanda, where
it has strengthened private schools, supporting governments in their commitment
to provide quality education for all.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in developing countries. We create
opportunity for people to escape poverty and improve their lives. We do
so by providing financing to help businesses employ more people and supply
essential services, by mobilizing capital from others, and by delivering
advisory services to ensure sustainable development. In a time of global
economic uncertainty, our new investments climbed to a record $18 billion
in fiscal 2010. For more information, visit www.ifc.org.