IFC Provides Financing to American University of Antigua Medical College

Washington, D.C., March 5, 2010 — IFC 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.

“Education has become a globalized service contributing to growth, social mobility, and stability,” said Anand Sudarshan, CEO, Manipal Education Group. “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,” Mr. Sudarshan added.

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

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.

IFC’s Engagement in the Education Sector

Investment in education is a strategic priority and focus for IFC. Our role includes direct investment in companies, sharing industry knowledge and experience, and informing government policy that affects the private education sector. We support the start-up or expansion of initiatives in primary, secondary, technical and vocational, and tertiary education. IFC works with partners who apply best practices, thereby promoting the growth of efficient and effective institutions that create an important public good in an economically, environmentally, and socially sustainable way. IFC also invests with local and regional partners who provide innovative and high-quality services which are able to reach beyond the main urban centers. Our clients include for-profit and not-for-profit entities.

Why is IFC Involved in Education?

  • To expand access to quality education to middle- and lower- income groups.
  • To introduce innovative means of financing and delivering services.
  • To improve standards of quality and efficiency.
  • To facilitate the international exchange of best practice.
  • To help students and institutions obtain access to finance.
  • To complement the public sector in order to achieve national education goals.


Facts about IFC’s Activities in Education

 

  • IFC is the world’s largest multilateral investor in the private education sector in emerging markets.
  • As of January 2010, IFC committed $469 million in financing to 62 education projects in 30 countries at a total value of $1.54 billion.
  • 21 IFC education projects (35%) were in the world’s poorest countries.
  • IFC-supported education projects employ about 16,000 people in developing countries.
  • IFC-supported projects educate about one million students annually.


How to Apply for IFC Financing

A company or entrepreneur seeking to establish a new education project or expand an existing one can approach IFC directly with an investment proposal. IFC’s Website, www.ifc.org/che, offers more details on how to apply.

Contact:

Ludi Joseph
Senior Communications Officer
Health & Education Department, IFC
Email: ljoseph@ifc.org
Tel. +1 (202) 473-7700
Website: www.ifc.org/che