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Nairobi, Kenya/Washington D.C., December 7, 2006—
The International Finance Corporation, the private sector arm of the World Bank Group, will support the expansion of Kenya’s Brookhouse Schools Limited with a $1.5 million corporate loan. Brookhouse, a leading private international school, is expanding its capacity at the primary level by building a larger, modern facility to replace an existing primary school.
Thierry Tanoh, IFC’s Director for Sub-Saharan Africa, said, “Investing in the education sector in Kenya is a key priority for IFC. Whereas many commercial banks offer only short-term financing, IFC offers longer maturities that are more aligned with the needs of schools in Africa.”
Established 25 years ago, Brookhouse is a coeducational day and boarding school in the Lang’ata suburb of Nairobi. It offers kindergarten, primary, middle, and secondary schooling, using an adapted form of the British National Curriculum, to Kenyan and international students. Brookhouse is one of only two schools in Kenya with accreditation from the Council of International Schools. In order to receive this accreditation, schools undergo a rigorous assessment of the quality of both their management and the education they deliver.
Brookhouse has a well-established bursary program and offers academic scholarships to low-income students. All secondary students complete a minimum of 50 hours of community service per year.
Guy Ellena, IFC’s Director for Health and Education, noted, “IFC’s education financing complements the public sector. In Kenya, where the government is committed to providing universal primary education, the private sector’s growing role in education increases local access and raises the quality of education while providing some relief to the public schools.”
Piyush Mehta, Managing Director of Brookhouse, added, “We see IFC as a strategic partner in our continued quest to deliver high-quality education and to make Brookhouse a center of excellence in learning by developing each student’s intellectual, emotional, physical, and social growth to their full potential.”
IFC is also providing broader support for Kenya’s education sector through a new partnership with K-Rep Bank which will help eligible private schools finance construction, purchase of educational materials, and other capital expenditures.
About IFC
The International Finance Corporation, the private sector arm of the World Bank Group, is the largest multilateral provider of financing for private enterprise in developing countries. IFC finances private sector investments, mobilizes capital in international financial markets, facilitates trade, helps clients improve social and environmental sustainability, and provides technical assistance and advice to businesses and governments. From its founding in 1956 through FY06, IFC has committed more than $5 billion in syndications for 3,531 companies in 140 developing countries. With the support of funding from donors, it has also provided more than $1 billion in technical assistance and advisory services. For more information, visit
www.ifc.org
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IFC’s portfolio in Kenya is one of the Corporation’s largest in Sub-Saharan Africa. It totals $170 million and includes projects in financial markets, tourism, agribusiness, infrastructure, and the chemicals, transportation, housing, pulp and paper, and utilities sectors. Reflecting the new Strategic Initiative for Africa, IFC’s activities range from direct investment to advisory services, development of small and medium enterprises, and technical assistance. Through the SME Solution Center, IFC plans to offer an integrated package of fit-for-market solutions to drive sustainable development of Kenya’s smaller businesses. IFC’s Private Enterprise Partnership for Africa is also developing a program in partnership with the African Development Bank to provide SME financing through local banks to Kenya’s female entrepreneurs.
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