IFC Partners with First Education Holding to Expand Education in the Middle East
In Washington:
Ludi Joseph
Phone: +1 (202) 473 7700
E-mail: ljoseph@ifc.org
In Dubai:
Louay Khatib, EdCap
Phone: +971 4 364 4820
E-mail: lkhatib@edcapholding.com
In Cairo:
Riham Mustafa, IFC
Phone: 0020 2 461 9150
E-mail: rmustafa@ifc.org
Washington, D.C./Dubai, U.A.E., June
25, 2009—IFC, a member of the World Bank Group, will promote the development
of primary and secondary education in the Middle East and North Africa
through a $14 million investment in First Education Holding. IFC’s financing
will support the acquisition of two established K-12 schools in Amman,
Jordan that provide education services to a significant number of students.
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.
Louay Khatib, Managing Director of First
Education Holding, said, “We believe that high-quality, affordable, internationally
recognized private education at both the primary and secondary levels has
become a key focus in the Middle East and North Africa. First Education
Holding will undertake projects that enhance existing provision by delivering
school improvement initiatives.”
Guy Ellena, IFC Director for Health
and Education, said, “The project is in line with IFC’s education strategy
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.”
Michael Essex, IFC Director for Middle
East and North Africa, said, “We are pleased to work with a partner who
is committed to the promotion and expansion of high-quality education in
the region. This investment gives us the opportunity to expand our support
for the region’s education sector.”
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 $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
First Education Holding
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. FEH’s vision is to become
a leading high-quality education company that caters to the education needs
of middle- to low- income families in MENA. The company provides strategic
management support to schools, thereby optimizing the growth and quality
of its education businesses. For more information, visit www.edcapholding.com.
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