Washington, D.C. July 8, 2009 — IFC is expanding its support for the development of primary and secondary education in the Middle East and North Africa through a $14 million investment in First Education Holding, a leading high-quality education company that caters to middle- and low-income families in the MENA region.
Affordable, internationally-recognized, and high-quality private education – at both the primary and secondary levels – has become a key focus in the Middle East and North Africa region, according to IFC.
The project will support the acquisition of two established K-12 schools in Amman, Jordan that provide education services to a significant number of students.
“First Education Holding will undertake projects that enhance existing provision by delivering school improvement initiatives,” said Louay Khatib, Managing Director of First Education Holding.
The project will increase access to education, improve the quality of services and facilities, implement higher standards, provide equal learning opportunities for children with special learning needs, train management and teachers, and increase employment for women in the region.
“This investment gives us the opportunity to expand our support for the region’s education sector by increasing access and raising standards,” said Guy Ellena, IFC Director for Health and Education.
IFC’s education strategy for the Middle East and North Africa is to support providers that can help increase access to services in underserved areas, move down-market to reach lower-income households, and provide local employment opportunities for skilled professionals.
“IFC is pleased to work with a partner who is committed to the promotion and expansion of high-quality education in the region,” noted Michael Essex, IFC Director for the Middle East and North Africa.
Established in 2007, First Education Holding owns and manages a chain of nurseries in Egypt (the Baby Academy) with 628 students and two private schools in the United Arab Emirates catering to 2,858 students and employing 655 staff. The company provides strategic management support to schools, thereby optimizing the growth and quality of its education businesses.
Over the past decade, IFC has become increasingly involved in education. We support the start-up or expansion of initiatives in primary, secondary, and tertiary education with a particular interest in student loan programs, e-learning, technical and vocational education and training, and other education services. We work with partners who have the ability to apply best practice, thereby promoting the growth of efficient and effective institutions that create an important public good in an economically, environmentally, and socially sustainable way. We work with emerging local and regional players that can innovate and improve the quality of services. IFC’s role includes direct investment in companies and sharing industry knowledge and experience that affects the private education sector.
Contributed by:
Ludi Joseph
Communications Practice Group
Health and Education Department
E-mail: ljoseph@ifc.org
Phone: 202-473-7700
