The International Finance Corporation (IFC) has acquired a 2.5% equity stake in South Africa-based private education provider ADvTECH for R190-million.
The investment will support ADvTECH’s expansion in sub-Saharan Africa, which is expected to lead to better educational access for at least 30 000 additional students, many of whom would not otherwise have had the opportunity to access quality education or vocational training.
It will also provide new learning options for students leaving high school.
ADvTECH CEO Roy Douglas says the investment affords the company access to an invaluable network of in-country experts and education officials along with private and Stateeducation providers at school and at tertiary level.
“We have been working with IFC officials to identify quality local education partners to invest in, which will benefit form ADvTECH’s proven pedagogical, management and education technology solutions,” he adds.
IFC also acquired a further 1.6% of ADvTECH’s stock in the market, raising its combined investment to R320-million and its total holdings to around 4% of the company.
IFC Eastern and Southern Africa director Oumar Seydiadds that with Africa’s fast-growing population, all requiring jobs, the IFC can help African companies with proven records expand into new markets.
“ADvTECH has proven that it can fill gaps in the market by supporting excellent primary, secondary and tertiary education that will allow Africa to meet the challenges of changing job markets in Africa and globally,” he says. Source: Engineering News