NEW YORK, September 20, 2010 -- The Board of Directors of the Education for All – Fast Track Initiative (EFA – FTI) welcomes today’s announcement that the World Bank will increase grants and zero interest loans for basic education by an additional $750 million over the next five years.
The grants and credits will be targeted towards developing countries in Sub-Saharan Africa and South Asia endorsed by the EFA FTI. The new funds represent about a 40% increase in the World Bank’s basic education lending over the past five years.
"The new World Bank financing for basic education is a welcome development which will help to put the remaining 69 million out-of-school children into the classroom”, says Carol Bellamy, Chair of the EFA FTI Board of Directors. “I am also pleased that these funds will be directed in priority towards countries supported by the EFA FTI as these countries have solid education strategies in place. Quick, efficient use of funds is critical. There is no time to waste in our goal to achieve Education for All before 2015.”
The World Bank announcement was made by Ngozi Okonjo-Iweala, Managing Director of the World Bank, at a high-level Education event in New York, co-organized by the Global Campaign for Education and the EFA – FTI. The event featured speeches of H.M. Queen Rania of Jordan, former British Prime Minister Gordon Brown, Norwegian Minister of Development Cooperation Eric Solheim, the British Secretary of State for International Development Andrew Mitchell and heads of multilateral agencies. The Australian Minister of Foreign Affairs, Kevin Rudd, stated that Australia expects to spend around Aus$ 5 billion on education over the coming five years as the overall aid program doubles from its current level by 2015. By this time around 70% would go towards basic education.
World Bank’s Ngozi Okonjo-Iweala reminded donor countries that the overall amount of global aid resources for education must continue to grow. “I urge other multilateral and bilateral donors also to increase their commitments to education and to EFA FTI”, she added.
In her speech Queen Rania emphasized the success of the 1Goal: Education for All campaign which garnered over 18 million supporters to ensure that Education for All becomes a reality for the millions of children around the world who remain out of school. She also underlined how education is the foundation for development. “Education doesn’t just beat poverty. It beats disease. It beats inequality. And for girls, education is nothing less than a life saver, from stigmatism, insecurity, and violence”.
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About the Education for All – Fast Track Initiative EFA FTI):
The EFA – FTI is a global partnership of donor and developing countries, as well as multilateral institutions and civil society organizations, to ensure that all children receive quality basic education. It currently endorses the education sector plans of 42 low-income countries around the world, and has provided over US$ 2 billion in financial support.
Media contact: Angela Bekkers: (1) 202-473-8302
Email: Abekkers@educationfasttrack.org