At the presentation of the new International Finance Facility for Education (IFFEd) by the Global Commission for Education led by former UK Prime Minister, Gordon Brown, in partnership with the Global Business Coalition for Education.
Education bonds like green bonds can substantially leverage private sector and philanthropic resources to put more children in school in lower-middle-income countries whose access to concessional resources is curtailed. 263 million children are out of school globally and in lower-middle-income countries, only 67% have access to complete primary education, so 33% are falling through the cracks. We need to move from $1.2 trillion to $3 trillion to close the gap in global annual education finance.
Only a concerted effort by the private sector, multilateral institutions and governments can deliver the resources needed. #IFFEd is a good start with its objective of initially leveraging $8-$10 billion using the MDBs balance sheet in the next 5 years.
With Mark Haefele of UBS, Hiro Mizuno of the Japan Government Pension Investment Fund, Sir Ronald Cohen of The Portland Trust, Liesbet Steer of the Global Commission for Education and Prime Minister Gorden Brown at the presentation of the #IFFEd in Washington DC.
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