Gaborone, July 23, 2007— IFC, a
member of the World Bank Group, has signed an advisory services mandate
with the government of Botswana to establish the country’s second national
university through a public-private partnership. The project is expected
to create 10,000 new places for students, increasing the country’s capacity
to meet domestic demand by providing local education opportunities for
many qualified students.
Honorable Jacob D. Nkate, Botswana’s
Minister for Education, said, “The new university will help upgrade, expand,
and diversify local tertiary education capacity to meet the growing demand
for qualified engineering, science, and technology graduates in Botswana.
IFC’s participation will help increase the credibility of this project
among potential investors, while reinforcing the country’s commitment
to establishing a university with high standards.”
Of an estimated 50 percent of secondary
school students in Botswana who qualify for tertiary education, only 12
percent make that transition within the country’s borders. As a result,
the government currently sponsors about 7,000 students to study outside
the country, a trend that is increasingly unsustainable.
The Botswana International University
of Science and Technology is expected to enroll up to 10,000 students a
year by 2016. The university will be located in Palapye, 200 kilometers
northwest of Gaborone. It will serve as a regional center of excellence,
providing quality education to students from across southern Africa.
As transaction advisor, IFC will structure
the project and attract private operators with the capacity to deliver
and maintain the requisite university infrastructure. The investment costs
are expected to be spread over the lifetime of the university.
“We are committed to helping the government
of Botswana achieve its goal of nurturing the talent of its young people
by establishing the Botswana International University of Science and Technology,”
said David Donaldson, IFC Senior Manager. “IFC has a successful track
record in implementing public-private partnerships that deliver development
impact in health, education, and other social infrastructure.”
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing capital in the international financial
markets, and providing advisory services to businesses and governments.
IFC’s vision is that people have the opportunity to escape poverty and
improve their lives. In FY07, IFC committed $8.3 billion, including syndications,
to 284 investments in 66 developing countries. For more information, please