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Cape Town, South Africa, April 10, 2018
—IFC, a member of the World Bank Group, is launching a new IFC Advisory Services program aimed at helping universities and vocational training institutions improve career outcomes for students and better align their programs with labor market demand.
In many emerging markets, unemployment rates for tertiary education graduates can be as high as 30 percent, a result of mismatches in skills offered by education institutions and job market needs. The IFC Employability Tool will help institutions to provide better employability services, and give students better value on their investment in education. By using the tool, institutions will be able to assess their employability services, analyze indicators such as graduation and placement rates and the quality of linkages with employers, and graduates’ readiness to transition to the job market. IFC Advisory Services can then help institutions implement reforms.
“We have successfully piloted this holistic approach with clients in Asia, Africa, the Middle East and Latin America and the Caribbean,” IFC Head of Global Manufacturing, Agribusiness and Services Tomasz Telma said during the launch of the new program at the IFC Education Conference. “This new program complements IFC’s education financing and will help institutions provide relevant, quality education with robust links to employment.”
IFC will roll out the program in South Africa starting this month, working with leading private and public universities.
IFC Country Manager Saleem Karimjee said, “We’ve chosen South Africa as the first country in Africa because youth unemployment and underemployment is unusually high, a matter that is also very high on Government’s agenda. Colleges and universities recognize the need become more pro-active in working with employers to understand their needs, and we believe that IFCs Employability Assessment process will create a valuable foundation for those discussions.”
IFC has financed over $1.8 billion to over 120 projects to support private education in emerging markets. Tertiary education, including technical and vocational training, is the focus of IFC’s education business, representing about three-fourths of investment. IFC’s goal is to provide young people with relevant and affordable education. Learn more at
www.ifc.org/education
and
www.linkedin.com/showcase/IFC-education/
.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
www.ifc.org
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