Bangalore, 07, February 2023: The Sustainable Development Goals (SDG) Impact Finance has awarded a $200,000 grant to a consortium consisting of Varthana, Global Schools Forum (GSF), Kaizenvest, and IDP Foundation. The grant is supported by Convergence Blended Finance and will be used to improve access to quality education across South Asia and Africa through impact-linked financing.
The consortium intends to establish a Global Finance for Education Fund to provide $35 million in catalytic and investment capital to financial institutions and intermediaries serving private Early Childhood Development (ECD) centers, Low-Cost Private Schools (LCPS) and skill development providers in six countries across South Asia, Africa, and potentially South America.
The consortium’s impact finance design idea was selected from 76 applications due to its potential to make a meaningful difference in the lives of underprivileged children aged 0-18. The final winners were chosen based on their contribution to the four UN Sustainable Development Goals: Quality Education, Decent Work and Economic Growth, Responsible Consumption and Production, and Climate Action.
The consortium’s solution is designed to support Low-fee Private Schools and improve learning outcomes and equity for over 520,000 low-middle-income learners enrolled in schools across India, Pakistan, Kenya, Ghana, Uganda, and Nigeria. The initiative also aims to accelerate learning recovery by increasing access to financial instruments, tying loans for LCPS to rewards for improving access and learning outcomes for girls and marginalized groups, and improving access to finance for women proprietors of LCPS.