IFC, a member of the World Bank Group, is helping the Indian state of Gujarat develop a university campus that could address the higher education needs of more than 10,000 students in the tribal area of Khedbhramma, which has limited education facilities.
IFC will advise Hemchandracharya North Gujarat University and the state government in using public-private partnerships to set up the project. A Memorandum of Understanding has been signed between IFC and the state government that will help design a framework to attract private partners to develop a university campus that is expected to accommodate over 10,000 students in five years.
The new modern, world-class university will offer professional courses in management and information technology, helping create a skilled workforce to meet the needs of a growing economy and facilitate the development of entrepreneurs.
Gujarat has been a leader in infrastructure reforms in India and an attractive destination for private investment. Estimates indicate the state has the potential to generate 20 million jobs by 2020 in the agriculture, agribusiness, housing, health, financial services, and small and medium enterprise sectors. To build the necessary workforce to undertake these jobs, Gujarat still needs significant support to develop its education infrastructure.
Vipul Bhagat, Head for IFC’s Infrastructure Advisory in South Asia, said, “We have extensive experience in assisting governments in designing public-private partnership projects in sustainable education. The Gujarat project can provide a model for similar ventures in India going forward.” IFC recently assisted a similar public-private partnership project that is progressing successfully in Botswana.
IFC is the world’s largest multilateral investor in the private education sector in emerging markets and has committed more than $300 million in 51 projects in 25 countries. Of all education projects signed from 2006 through 2008, 63 percent were in the world’s poorest countries. When advising governments on implementing public-private partnerships, IFC helps structure projects, selects and manages external specialized consultants, and markets business opportunities to investors.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit www.ifc.org.
