Singapore/Washington, D.C., July 9, 2012
—IFC, a member of the World Bank Group, has invested in Singapore-based Global Indian International School to increase access to quality primary and secondary education in emerging markets in Asia, including in lower-income countries.
Global Indian International School is part of Global Schools Foundation, which operates under multiple brands. IFC’s loan of 25 million Singapore dollars (equivalent to $19.4 million) will help the expansion of Global Schools Foundation’s network of schools in India and Southeast Asia that offer high quality education from Kindergarten to Grade 12. The project includes the construction of new schools in India and the acquisition of schools in Southeast Asia and South Asia.
“Global Indian International School’s ability to implement high standards of educational delivery helps drive innovation in the private primary and secondary education sector and fulfills the growing need for quality education in emerging markets,” said Vipul Prakash, IFC Director for Manufacturing, Agribusiness, and Services in Asia. “The company’s expansion into new, underserved markets will not only help expand access to affordable education, but also set standards for other private providers in those markets.”
Private education has a key role to play to boost enrollment levels and the quality of learning in emerging markets. While most of Global Indian International School’s target markets for expansion are close to achieving universal enrollment in basic education, the quality and student enrollment levels in secondary education continue to lag.
“IFC’s long-term loan will allow us to accelerate our expansion plan and reach more students throughout the region,” said Atul Temurnikar, Co-Founder & Chairman of Global Schools Foundation. “As we enter new countries, we expect to also benefit from IFC’s deep industry knowledge and on-the-ground expertise in local markets.”
Global Indian International School started as a single school in Singapore in 2002. It has since expanded to three schools in Singapore enrolling about 4,000 students and seventeen schools in India, Malaysia, Thailand, and Japan.
The investment is in line with IFC’s education sector strategy in Asia, which includes supporting service providers that operate scalable business models that can reach lower-income households, establish best practices, raise standards, and provide employment opportunities for skilled professionals.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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About Global School Foundation
Global Schools Foundation (GSF) is a leading name in global education across South East Asia, Africa, MENA and India, based in Singapore. Our aim is to impart values and skills to our students that make a positive impact towards helping them lead a successful, enriching life. Now entering its tenth year, GSF’s mission is to cultivate and nurture its students into global leaders of the future.
About Global Indian International School
Global Indian International School (GIIS) – established under the Global School Foundation’s guiding principles – is an international network of award-winning institutions, with 20 campuses in 7 countries. Known for their learner-centric and skill-based curricula, GIIS schools offer holistic learning and personality development opportunities for students. GIIS schools have been honoured with 14 international and national awards over a span of 4 years for achieving excellence in school education. Today, GIIS boasts a strong multicultural student body, comprising 52 nationalities.
GIIS is a preferred international school offering curricula for Kindergarten to Year 12 education, including International Baccalaureate Diploma Programme (IBDP), International General Certificate of Secondary Education (IGCSE), Central Board of Secondary Education (CBSE), CBSE-International (CBSE-i), and Global Montessori Plus programme.
About Global Indian International School in India
Education, as an emerging sector in India provides a great opportunity to Global Indian International School to grow its presence in tier 1 and tier 2 cities. The chain of schools seeks to further expand its presence through acquisition of existing schools and setting up of new green field projects. GIIS launched 3 new schools in India in Noida, Surat and Indore, followed by schools in Bangalore and Ahmedabad. In India it aims at combining world-class education practices with the academic rigour that Indian education demands. Benchmarked against the best schools in the world and built on education excellence with global quality standards, GIIS is committed to change the education landscape in India.
