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Bangkok, Thailand, May 30, 2016
—IFC, a member of the World Bank Group, today announced a $13 million loan to support a higher education campus for ACLEDA Institute of Business that will help raise education standards, enhance students’ employability, and encourage sustainable economic growth.
The loan will allow ACLEDA Bank Plc to transform its current subsidiary, ACLEDA Training Center Ltd., into a high quality higher education institution offering associate's, bachelor’s and master’s degrees in business education including finance and banking. ACLEDA Bank is Cambodia’s leading financial institution and biggest graduate recruiter with an annual hiring of 1,000 graduates.
“Our aim is to make the ACLEDA Institute of Business a benchmark for excellence in business education in Cambodia,” said Ponloeu Chhan, Director of ACLEDA
Institute of Business. “We are happy to be partnering again with IFC, which shares our goals of improving education standards and employability.”
The loan will support the construction of a new campus including school buildings, administration building, library, canteen, dormitories and sports complex by 2018. The new campus buildings will be built in line with IFC's Green Building Standard, which requires reductions of at least 20 percent in energy, water, and materials consumption compared to equivalent buildings.
The investment is IFC’s first direct investment in Cambodia’s education sector and is expected to improve higher education standards and students’ attractiveness as employees by hiring qualified teachers with strong academic credentials. The new campus is expected to reach more than 3,300 additional students and 3,100 training participants.
“Investing in education creates a sustainable path out of poverty by building a pipeline of well-trained employees,” said Vivek Pathak, IFC Director, East Asia and the Pacific. “Our investment will help ACLEDA Bank expand access to quality education that meets Cambodia’s job-market needs and develops its human capital.”
As part of its strategy for reducing poverty and improving education, the government of Cambodia has made it a priority to improve the quality of its higher education institutions to address the mismatch between job market requirements and higher education offerings.
IFC is the largest multilateral investor in private education in emerging markets. Over the past 15 years, IFC has invested $1.5 billion in more than 110 education projects taking place in 39 countries. During 2015, IFC clients helped educate 3.5 million 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 capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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About ACLEDA Bank Plc.
ACLEDA Bank Plc. has 05 subsidiaries such as
ACLEDA Bank Lao Ltd.
, ACLEDA Securities Plc.,
ACLEDA Institute of Business
, ACLEDA MFI Myanmar Co., Ltd.
and ACLEDA Properties Ltd. By the end of April 2016, ACLEDA Bank Plc. has total assets of USD 4,289 million, loan outstanding USD 2,732 million, and deposit USD2,964 million. ACLEDA Bank Plc. will expand its operations into the ASEAN region and countries along the Mekong River. For more information, visit
www.acledabank.com.kh
.
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