Kenya’s Ed Partners secures $10m DFC loan guarantee commitment
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Ed Partners Africa, a non-banking financial institution specializing in extending loans to affordable private schools in Kenya, has disclosed a significant development in securing a $10 million loan guarantee facility from the United States' Development Finance Corporation (DFC). This financial commitment is aimed at facilitating the expansion of accessible education.
Established in 2018 by Lydia Koros and David FitzHerbert, and currently under the leadership of CEO Amos Mwangi, Ed Partners focuses on providing financial solutions for essential components of the education system, such as infrastructure, technology, and transportation. The organization has already made a substantial impact, reaching over 100,000 students in 350 schools.
Following a successful $1.9 million funding round in June 2021 and securing $1.5 million in debt funding from Oikocredit in August, Ed Partners has now solidified its financial position. Upon disbursement, the DFC loan will play a crucial role in fostering the expansion of accessible and high-quality education opportunities in Kenya, providing vital financial support to these schools.
Key Takeaways
When it comes to education for many in Africa, a continent where the average literacy rate is estimated at 70%, and access to higher education lags behind other parts of the world, a few themes are common; what exists in most countries is poorly equipped classrooms, few high-quality teachers, terrible infrastructure, irrelevant curriculum, and ridiculous student-to-teacher ratios (for example, it’s been as high as 46:1 in Nigeria for the primary level). Lack of funding is often the biggest reason for this, highlighting why Ed Partners’ fundraising is important. This funding is expected to enable the company to reach more schools and students to improve learning outcomes and make quality education more accessible, ultimately contributing to the long-term development and prosperity of the region.
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