Johannesburg, South Africa, July 20, 2016
—International Finance Corporation (IFC), a member of the World Bank Group, today acquired a 2.5% equity stake in ADvTECH Ltd, a South Africa-based private education provider. IFC’s ZAR 190 million (approximately $13 million) investment in newly issued shares, demonstrates support for ADvTECH’s expansion in Sub-Saharan Africa to increase its schools and tertiary education programs.
IFC also acquired a further 1.6% of ADvTECH’s stock in the market raising its combined investment in ADvTECH to R320m (approximately $22 million) and its total holdings to around 4% of the company.
The investment is part of a partnership aimed at supporting the Johannesburg Stock Exchange listed ADvTECH’s existing plans to expand into new African markets. This will lead to better educational access for at least 30,000 additional students, many of whom would not otherwise have had the opportunity to access quality education or vocational training. It will also provide new learning options for students leaving high school.
Roy Douglas, CEO of ADvTECH, said, “We have a proven track record of expanding educational opportunities and improving skills for people entering the job market or seeking to improve their employment prospects. The IFC investment is the result of our collaboration to identify educational opportunities and potential partnerships across Africa. In addition to their investment capital the IFC gives ADvTECH access to an invaluable network of in-country experts and education officials along with private and state education providers at schools and tertiary level. We have been working with IFC officials to identify quality local education partners to invest in, and which will benefit from ADvTECH’s proven pedagogical, management and education technology solutions.
Oumar Seydi, IFC Director for Eastern and Southern Africa, said, “Africa’s population is the fastest growing in the world requiring increased jobs and people with skills to fill them. IFC can help African companies with proven records at home expand into new markets. ADvTECH has proven that it can fill gaps in the market by supporting excellent primary, secondary and tertiary education that will allow Africa’s workforce to meet the challenges of changing job markets in Africa and globally. We look forward to supporting ADvTECH’s strategy to expand access to quality education across Africa.”
Douglas concluded saying, “Working with the IFC allows us to invest in new quality education provision that meets the growing needs of Africa’s youthful population while also reducing the risks inherent in expanding into new countries.”
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 ADvTECH
The ADvTECH Group, a JSE Limited company, is a leader in quality education, training, skills development and placement services.
