Expansion

Posted: January 21st, 2014 | Author: Michael Goldstein | | 1 Comment »

CDC and IFC are investing in Bridge.

CDC, the UK’s development finance institution, has announced a new US$6 million direct investment to support the expansion of Bridge International Academies, a provider of affordable, quality primary and pre-primary education for children from poor families.

CDC is investing alongside IFC, a member of the World Bank Group, and existing investors.

The funding will support the company’s plans to expand to more countries in Africa, where Bridge currently operates, as well as in India. While Bridge already educates 80,000 children, the organisation’s mission is to reach ten million over the next decade.

IFC’s investment is $10 million. From their release:

“High-quality, affordable education has the potential to expand access to education for the poor in developing countries, and transform the lives of children living in poverty,” said IFC Executive Vice President and CEO Jin-Yong Cai.

“As well as having the potential to transform education for children from low-income families, Bridge is already a large employer in Kenya, particularly amongst 24 – 35 year olds who were previously unemployed. The investment will support the company to create almost 10,000 new jobs, both in Kenya and in other developing countries,” said Dolika Banda, CDC’s Regional Director for Africa.

IFC is the largest multilateral investor in private education in emerging markets. We invest with the objectives of improving access, lowering costs and helping students prepare for employment. IFC’s education portfolio stands at $651 million, encompassing over 60 projects in 24 countries, including several of the world’s poorest.

In 2013, IFC’s private education projects helped benefit over 1 million students while providing employment for over 50,000 people.