Kampala, Uganda, September 29, 2010 –
IFC, a member of the World Bank Group, today launched the Africa Schools Uganda Program to support improvements to private secondary and tertiary schools in Uganda, while helping thousands of students in the country access high-quality education. The Program works in partnership with the African Development Bank (AfDB).
IFC plans to deliver advisory services to 500 schools in Uganda over the next two years, helping them address financial and management issues so they can offer improved educational services. IFC will also help participating schools access finance from local commercial banks, including Diamond Trust Bank, DFCU, and Bank of Africa.
Jean Philippe Prosper, Director for Eastern and Southern Africa, said, “This program offers an innovative way to have a long-term positive impact on social and economic development in Uganda and across Africa. Through the Africa Schools Uganda Program, IFC and AfDB will support the growth of private schools in the country, increasing access to high-quality education across income levels.”
A lack of access to finance and support services has limited the ability of many private institutions in Uganda to meet demand and run efficiently. The Africa Schools Uganda Program will help private schools access the advisory and financial support they need to grow, complementing Uganda’s efforts to increase access to quality education.
The program will help participating private schools in a range of areas, including: business and strategic plan development; corporate governance; human resources; financial and accounting management; environment, heath, and safety standards.
IFC will also provide advisory services to help local banks increase lending to private educational institutions. The Africa Schools Uganda Program aims to achieve an increase access to finance for 200 schools by $5 million, and the number of students enrolled in the target schools by 5,000 by 2012.
The Africa Schools Program, launched in 2007, has already proved successful in Ghana, Kenya, and Rwanda, where it has strengthened private schools, supporting governments in their commitment to provide quality education for all.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit