News Column

Peru : IFC to Invest $25 Million in PEIP to Expand Access to Education in Peru

June 25, 2014

IFC, a member of the World Bank Group, will invest $25 million in Proyectos Educativos Integrales del Peru (PEIP), which owns and operates Avansys Instituto de Educacion Superior, to expand access to career-oriented higher education through the establishment of a new network of educational institutions in Peru.

PEIP plans to become one of the leading providers of private higher education in Peru by creating a network of technical institutes and a university to train low-income students. It is also developing a small network of primary and secondary schools throughout Peru.

The number of students in Peru is growing rapidly, and recent studies by the World Bank show that the country lacks training for the high-demand technical jobs that are essential to Peru s growing economy and that can provide a way out of poverty for low-income students. IFC s investment will support PEIP s efforts to fill this gap in educational opportunity.

The company (PEIP), which is part of El Comercio media holding group in Peru (through its subsidiary Vigenta EducaciÓn), expects to reach thousands of low-income students through a network of educational institutes.

We are excited to partner with IFC, which will contribute extensive know-how in the education sector and will provide access to best practices and technological tools to deliver quality education to low-income students, enhancing their job skills and improving their lives, said Jose Antonio GarcÍa MirÓ, Board of Directors President of Empresa Editora El Comercio.

Education investment is essential for ending poverty in emerging economies like Peru, said Juan Gonzalo Flores, IFC s acting regional manager for the Andean region. Private education providers, like PEIP, play an important role in improving access to quality education and training in Peru, he said.

IFC is the largest multilateral investor in private education in emerging markets. IFC invests to promote 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.

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Source: TendersInfo (India)

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