Beirut, June 21, 2005--
The International Finance Corporation, the private sector arm of the World Bank Group, has signed an agreement to extend an $8 million loan for the completion of the SABIS International School in Adma, Lebanon, which will be the flagship school and international headquarters of the SABIS Group of Schools.
The project includes both an elementary and secondary school on a 70,000 square meter plot of land. The first phase will construct 19,000 square meters of space which will incorporate academic blocks, laboratories, large rooms for specialty classes, a multi-purpose sports center, administration building, and parking area. The second phase will add an additional 6,000-9,000 square meters of space for another academic block, performing arts center, cafeteria, and outdoor sporting areas. By the completion of the second phase, the facilities will be able to accommodate 1,700 students. Further information on SIS Adma can be obtained at www.sabis.net or by contacting admissions at telephone 9619-85 66 77.
The project is sponsored by INTERED S.A.L., the managing arm in the Middle East for the SABIS School Network. The first school in what is now the SABIS® School Network is the International School of Choueifat, founded in 1886 in the village of Choueifat, Lebanon. In the coming academic year, INTERED will be operating 20 schools in Africa, the Middle East, and Asia, educating about 21,000 students. In the United States and Europe, 10 schools from both the private and public sectors will be members of the SABIS School Network during the next academic year enrolling a total of nearly 6,000 students.
INTERED President Carl Bistany, said, “We are totally committed to providing each of our students with an education to achieve their full potential for a better life. Through this cooperation with IFC, we will have one of the finest school facilities in the region.”
IFC Director for the Middle East and North Africa, Sami Haddad, noted, “With the rapidly growing and relatively young population in the Middle East and North Africa, education is one of the most important necessities for ensuring sustainable growth and reducing poverty in future generations.”
Guy Ellena, IFC Director for Health and Education, added, “SABIS schools have played a key role in providing high quality education to the youth of the Middle East and North Africa. We are proud to have the opportunity to assist in the further development of this flagship institution.”
IFC has been active in Lebanon for many years, focusing primarily in the financial sector. This investment represents the first in the education sector, and the first in Lebanon since 2002.
The mission of IFC (
www.ifc.org
) is to promote sustainable private sector investment in emerging markets, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in transition and developing countries, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY04, IFC has committed more than $44 billion of its own funds and arranged $23 billion in syndications for 3,143 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY04 was $17.9 billion for its own account and $5.5 billion held for participants in loan syndications.
