Ed Partners Africa Limited, a non-banking financial institution that specialises in providing loans to affordable private schools in Kenya, has announced the commitment of a $10 million [KES 1.5 billion] loan guarantee facility from the United States International Development Finance Corporation (DFC) in connection with a Kenyan Shilling-denominated loan to be issued by a local commercial bank in Kenya, NCBA Bank Kenya Plc. This loan, once disbursed, will facilitate the expansion of accessible, high-quality education opportunities in Kenya by providing essential financial support to these schools.
In a recent announcement, DFC spotlighted its strategic investments in various pivotal sectors, underscoring its commitment to education through this $10 million loan guarantee facility to Ed Partners Africa. This investment aligns with DFC’s commitment to increasing access to quality education, especially for underserved populations. It aims to expand access and promote educational equity, thereby empowering Ed Partners Africa to continue its mission of providing affordable, high-quality education to Kenyan pupils. The initiative serves as a key component of DFC’s multi-sectoral approach to advancing social and economic development.
“This is an important transaction that will provide vital financing to support increased access to affordable, quality education, especially among underserved populations in Kenya. The investment reflects DFC’s commitment to improving access to education in Kenya and supporting sustainable development in the region,” said James Polan, Vice President of DFC’s Office of Development Credit.
Ed Partners Africa’s CFO, Janet Waweru, stated, “We are thrilled to partner with DFC in our efforts to expand educational opportunities in Kenya and East Africa. This funding will enable us 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.”
The loan guarantee from DFC will be directed towards assisting Ed Partners Africa access financing locally which will be used to support schools; thus making steps towards their mission to improve access to affordable quality education across Africa through offering financial and non-financial solutions.
Ed Partners Africa will work closely with local communities and educational institutions to ensure that resources are optimally utilised to benefit students and promote educational excellence.