World Bank to freeze investment in private for-profit schools

World Bank to freeze investment in private for-profit schools

Education International welcomes major reform commitment from the World Bank’s private sector arm, the International Financial Corporation (IFC), to freeze any investments in private for-profit K-12 schools.

The US House Financial Services Committee yesterday announced that the IFC will freeze on any direct or indirect investments in for-profit primary and secondary schools, with a consultative process to decide on a permanent policy.

In letters addressed to the leader of the World Bank, in November 2016, January 2017, April 2017 and May 2018, Education International and its affiliates repeatedly urged the organization to put students before profit and stop their sponsorship of Bridge International Academies (BIA), a for-profit school chain with illegal operations in Africa and Asia.

The IFC had invested more than US$ 10 million in BIA operations in Africa and supported the company’s expansion elsewhere.

Commenting on the Bank’s decision, EI General Secretary David Edwards stated: “EI welcomes this decision, which has been a core demand from teachers, and hopes it will be permanent. This is a major win for Education International and its member organisations. It is a result of years of union and civil society campaigning against private for-profit education through the Global Response to privatisation and commercialisation of education campaign and various advocacy efforts.”

“As we have consistently conveyed to World Bank leaders, using aid to fund private actors for the provision of education clearly contravenes the global commitment to the Sustainable Development Goal (SDG) 4. In a world where so many children are denied access to education, allocating scarce funding to anything but public education is totally unacceptable.” 

Edwards went on to say: “The assumption that private actors would take on public sector obligations with respect to the provision of quality education for all flies in the face of a growing body of evidence, which shows that privatisation does not improve access to, nor outcomes in, education but rather deepens inequality and segregation, denying the right of all children to quality education.”

 

The IFC’s commitment can be found here

To find out more about BIA illegal operations please go here

EI’s letters to the WB can be found here

Source

Disclaimer: All third-party opinions expressed via IASWI accounts linked to and from this page are those of the individuals concerned and do not necessarily represent those of IASWI or its affiliates. No copyright infringement is intended nor implied. To discuss this disclaimer or the removal of appropriate credit for materials of which you hold copyright please contact us. All the third party videos and contents found on workers-iran.org is not hosted on our servers; all third party videos or contents are hosted on a third party site. The opinions, beliefs and viewpoints expressed by the various authors and news sources on the www.workers-iran.org do not necessarily reflect the opinions, beliefs and viewpoints of the IASWI or official policies of the IASWI. These posts are only generated for the purpose of information sharing on the labour related issues.