January 26, 2009—The Indian state of Gujarat has the potential to generate 20 million jobs by 2020 in the agriculture, agribusiness, housing, health, financial services, and small and medium enterprise sectors. To build the necessary workforce to undertake these jobs, the state still needs significant support to develop its education infrastructure.
To help, IFC is teaming up with the Gujarat state government to develop a university campus that could address the higher education needs of students in the tribal area of Khedbhramma, which has limited education facilities.
IFC will advise Hemchandracharya North Gujarat University and the state government in using public-private partnerships to set up the project. An agreement between IFC and the state government, signed at the recent Vibrant Gujarat 2009 Summit, will help design a framework to attract private partners to develop a university campus that is expected to accommodate over 10,000 students in five years.
The new modern, world-class university will offer professional courses in management and information technology, helping create a skilled workforce to meet the needs of a growing economy and facilitate the development of local entrepreneurs. The project can also provide a model for similar ventures in India going forward.
IFC is the world's largest multilateral investor in the private education sector in emerging markets and has committed more than $300 million in 51 projects in 25 countries. Of all education projects signed from 2006 through 2008, 63 percent were in the world's poorest countries. When advising governments on implementing public-private partnerships, IFC helps structure projects, selects and manages external specialized consultants, and markets business opportunities to investors.
For more information contact:
Minakshi Seth
Communications Officer
Phone: +91 11 4111 1000
E-mail: mseth@ifc.org
