BALTIMORE, Jan. 23, 2013 /PRNewswire/ -- IFC, a member of the World Bank Group and the IFC African, Latin American, and Caribbean Fund, today announced it has invested $150 million in common stock of Laureate Education, Inc., the leading global provider of private higher education. Representing IFC's largest education investment to date, the funds will be used to help Laureate build upon its significant resources and proven track record of developing and managing career-oriented postsecondary institutions across the globe. Previously, IFC worked with Laureate to finance university campuses in Latin America.
"We are honored by this demonstration of support and confidence from a world class institution like IFC," said Douglas L. Becker, Chairman and Chief Executive Officer, Laureate Education, Inc. "The commitment by IFC demonstrates the strength of Laureate's reputation and allows us to further expand into communities where the demand for quality postsecondary education is outpaced by available resources."
Through its Laureate International Universities network, Laureate Education is a pioneer in higher education, currently operating more than 65 institutions on hundreds of campuses in 29 countries. While each institution is unique, they all share a common goal—to deliver high quality, internationally focused and career-oriented education programs.
"This investment underscores IFC's long-term commitment to supporting education with strategic clients that have the ability to develop much-needed job-market skills," said Rashad Kaldany, IFC Vice President for Global Industries. "Laureate has a unique international perspective on what works in higher education and has proven history of putting its students first. We look forward to continuing our partnership with Laureate to expand access to career-oriented education in emerging markets with strong growth potential in Latin America, the Middle East, and Africa."
Gavin Wilson, CEO, IFC Asset Management Company, said: "We are happy to be investing in Laureate's continued growth. Laureate has built a unique higher education platform with a substantial presence in emerging markets. Our partnership with them will have a significant impact on human development in the countries where Laureate operates."
As a key part of the World Bank Group, IFC is the largest multilateral investor in private education in emerging markets. IFC's education portfolio stands at more than $550 million, encompassing 42 projects in 24 countries, including several of the poorest countries. The total value of these projects is about $900 million. IFC's private education projects have helped benefit 1.4 million students while providing employment for 60,000 people.
About Laureate International Universities
Laureate International Universities is a trusted global leader in providing access to high quality, innovative institutions of higher education. The Laureate International Universities network includes more than 65 accredited campus-based and online universities. Our more than 750,000 students are part of an academic community that spans 29 countries throughout North America, Latin America, Europe, Asia, North Africa and the Middle East. Laureate universities offer hundreds of undergraduate, master's and doctoral degree programs in fields including architecture, art, business, culinary arts, design, education, engineering, health sciences, hospitality management, information technology, law and medicine. President William J. Clinton, 42nd President of the United States, serves as the Honorary Chancellor of the Laureate International Universities network, offering advice on social responsibility, youth leadership and increasing access to higher education. For more information, visit www.laureate.net.
IFC, a member of the World Bank Group is the largest global development institution focused exclusively on the private sector. IFC helps developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, their investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world's most pressing development challenges. For more information, visit www.ifc.org.
SOURCE Laureate Education, Inc.