World Bank and Education
The World Bank is one of the largest external education financiers for developing countries, managing a portfolio of $11.1 billion, with operations in 71 countries as of June 2014. The World Bank supports education through an average of $2.8 billion a year in new financing for the poorest countries as well as for middle-income countries. The World Bank helps countries achieve their education goals through finance and knowledge services in the form of analytic work, policy advice, and technical assistance. This support includes working with countries to help identify the role and contribution of education to their overall development and poverty reduction strategies. This means understanding countries' individual priorities and constraints and collaborating with governments, donor agencies, and development partners to design programs tailored to countries' particular needs.
In 2011, the World Bank launched its Education Sector Strategy 2020, "Learning for All." The strategy
The Rural Education and Development (READ) Project helped set up classroom libraries in all 383 primary schools in rural Mongolia, which until 2006 had almost no books. The project also helped put 200 new titles of children's books on the local market and delivered more than 676,000 books to classrooms. ©World Bank/ Khasar Sandag (photographer). Permission required for reuse.
recognizes that the knowledge and skills that children and youth gain through learning help lift them out of poverty and drive development. The strategy encourages countries to "invest early" because foundational skills acquired in childhood help lifelong learning, to "invest smartly" in efforts shown to improve learning, and to "invest for all" children and youth, not just the most privileged or gifted.
To achieve learning for all, the World Bank is promoting reforms of education systems and helping build a robust evidence base to guide those reforms. In over 100 countries, the World Bank is using a systems approach to achieving better educational results, with support from analytical tools developed under the Systems Approach for Better Education Results (SABER) initiative.
The World Bank supports a number of other important initiatives and programs, including, among others:
• The Millennium Development Goals
• The Global Education First Initiative
• The Global Partnership for Education
• Education for Global Development (blog)
IFC and Education
IFC is the world's largest multilateral investor in private education services. Its goal is to improve standards of quality and efficiency and create jobs for skilled professionals, thereby encouraging them to practice in their countries. To ease the burden on public educational systems, IFC works closely with the World Bank and developing country governments to design and tailor strategies that fit the needs of countries that do not have the resources to provide high-quality education services for all their people. IFC has also published several reports related to schools and education.
IFC's investment holdings cover all its regions and support K-12, tertiary, and technical education providers: for example, K-12 education in Kenya and Tanzania and tertiary education in Ghana; technical education in the Russian Federation and Turkey; technical education in the Philippines and K-12 education in Indonesia; tertiary education in Antigua and Barbuda, technical education in Brazil, and K-12 in Mexico; K-12 education in Egypt and Jordon and tertiary education in Morocco, Pakistan, and Saudi Arabia; and K-12 education in India.