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IFC Supports the Development of Affordable Higher Education in China’s Inland Regions

Beijing/Hong Kong SAR, March 22, 2017 —IFC, a member of the World Bank Group, invested $25 million in Minsheng Education Group Company Limited (“Minsheng Education”) as a cornerstone investor in the company’s initial public offering on the main board of the Hong Kong Stock Exchange. Thousands of students in China’s inland regions will now have access to quality and affordable higher education, enhancing their future employability.
IFC’s funds will help Minsheng Education enhance its operations in its existing four schools in Chongqing and Inner Mongolia provinces as well as offer its competitive programs in other parts of the country. Through its engagement with IFC, Minsheng Education will also enhance its environmental and social standards.
“IFC’s participation in our initial public offering has increased Minsheng Education’s credibility and visibility in the market,” said Mr. Li Xuechun, Chairman of Minsheng Education. “ We will benefit greatly from IFC’s global experience in private education as well as environmental and social best practices.
Minsheng Education designs its course based on ongoing market research and close collaboration with partners in high-growth sectors such as healthcare and information technology. In the past few years, the company has achieved an initial graduate employment rate at around 90 percent, compared to the national average of around 78 percent.
“Investments in education help to bring more people into the workforce with in-demand skills,” said Patrick Leahy, IFC’s Regional Head of Industry for Manufacturing, Agribusiness Services Asia. “Our partnership with Mingsheng Education will help improve access to quality higher education in China and create opportunities for young people from all backgrounds.”
Minsheng Education is one of China’s largest private education groups in terms of student enrollment and had approximately 30,000 students at the end of June in 2016. The company also plans to expand its preparatory education program for ethnic minority students.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org .
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