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IFC Supports Education with $30 Million Financing to American University of Antigua Medical College


In Washington, D.C.:
Ludi Joseph
Phone: (202) 473 7700
E-mail:
ljoseph@ifc.org

Adriana Gomez
Phone: (202) 458 5204
E-mail:
agomez@ifc.org


Washington, D.C./ Antigua, February 26, 2010 – IFC, a member of the World Bank Group, is supporting medical education services in Antigua and Barbuda with $30 million in financing to educational institution, American University of Antigua Medical College – an offshore medical school of the leading India-based Manipal Group.

IFC’s $30 million senior loan will support a professionally managed student loan program, which is critical to attracting and retaining medical students who need to complete their course of studies and training over a seven to nine year period.  


Mr. Anand Sudarshan, CEO Manipal Education Group, said, “Education has become a globalized service contributing to growth, social mobility, and stability.  IFC’s investment will have a positive and sustainable impact on the operations of the American University of Antigua Medical College as we expand activities on our new campus.”


Guy Ellena, IFC Director for Health and Education, said, “The project supports a global approach to medical education – a sustainable business activity of particular focus in this region. It will also help train much-needed medical professionals and contribute to the diversification of the Antiguan economy.”


IFC is expanding its investment and advisory operations in the Caribbean by helping diversify the economies and strengthen private sector competitiveness to stimulate growth and job creation. IFC’s priority sectors are infrastructure, including health and education, tourism, and the financial sector to promote access to finance for micro, small, and medium enterprises; and improving the investment climate.  Since 2000, IFC has provided and mobilized more than $1.3 billion in financing for the Caribbean. IFC's committed portfolio in the region is about $600 million in 35 companies and 12 ongoing advisory projects. For more information, visit
www.ifc.org/lac.

About IFC

IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $15 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org.

About American University of Antigua Medical School/ Manipal Group

The American University of Antigua Medical College, an offshore medical school of the India-based Manipal Group, was founded in Antigua and Barbuda in 2004 as a higher education institution preparing students to practice medicine in the U.S. The Manipal Group, a 100 percent shareholder in American University of Antigua Medical College, is globally active in education and health care and provides a wide range of skills-based, IT, and medical education in Dubai, India, Malaysia, Nepal, and Singapore. Visit
www.auamed.org/about-aua.