Global stakeholders in Arusha to tackle education financing
ARUSHA: The 2024 Global Education Finance Conference will kickoff in Arusha on Wednesday with stakeholders from around the world celebrating the release of a cumulative $1 billion USD (approximately 2.7tri/-) in education loans globally.
Organized by the global anti-poverty NGO, Opportunity International, in collaboration with other education stakeholders, the event brings together over 130 leading financial institutions from around the world that are investing in schools and families in low- and middle-income countries (LMICs).
They will discuss how the private sector can help close the education funding gap and unlock the potential of the affordable non-state school sector.
A statement issued by Opportunity International’s Vice President of Communications, Joseph Dutra, said the three-day event is themed The Future of EduFinance: Trends, Innovations, and Opportunities.
“This convening is about achieving healthier educational ecosystems by leveraging private sector capital in ways that effectively get more children into better schools,” said Andrew McCusker, Head of Education Finance at Opportunity International. “The need for educational investment in regions like Latin America, Africa, and Asia is undeniable—and the leaders in this room are making it their personal mission to increase access to and the quality of education for millions.”
The statement added that the event will serve as a platform for stakeholders to discuss investing in non-state schools, which are emerging as vital players in supporting overburdened government systems.
With the growing unmet demand for education across LMICs worldwide, these affordable, local non-state schools are filling critical gaps where state education is unavailable or insufficient, ensuring that underserved regions have access to learning.
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The conference follows the release of two significant reports from the Opportunity International’s Education Finance program. The 5th Edition of the State of the Affordable Non-State School Sector highlights the increasing demand for non-state education worldwide, estimating that an additional 38 million school seats will be needed by 2026 in LMICs.
Meanwhile, new impact data reveals that financial inclusion strategies supporting these schools lead to improved learning outcomes. Low-income children and girls, in particular, may gain up to six months of additional learning in schools that receive financial support and/or training.
“At Opportunity International, we’re tackling some of the most pressing challenges our world faces today, and at the heart of it is the global education crisis affecting millions of children living in poverty,” said Atul Tandon, CEO of Opportunity International. “So many of the economic and social issues we grapple with can be addressed by ensuring every child has access to quality education. What we’re witnessing today is a clear commitment from the financial sector and a strong desire to support a rising Africa.”
It is expected that stakeholders will engage in intensive discussions, learning, and forging collaborations at the event, which is designed to explore critical issues facing community leaders who build and manage these schools, as well as the financial institutions that lend to them.
Topics to be covered include challenges in accessing financial solutions, innovative financial approaches, trends in education financing demand, and ensuring gender-equitable student learning outcomes.
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The statement added that panel discussions will feature renowned experts such as Opportunity International’s CEO Atul Tandon, representatives from the National Bank of Kenya, Tanzania’s Ministry of Education, social impact investors, and CEOs from leading financial institutions across Africa, Asia, and Latin America.
During interactive breakout sessions, participants will engage in open forums with peers from different continents aimed at sharing best practices and generating innovative solutions that could exponentially expand the impact of education financing for the children who need it most.
Opportunity International is a global non-profit that has been equipping people to build sustainable livelihoods and educate their children for 52 years. The organization provides 20 million families with innovative financial resources, training, and support to grow their small businesses and send their children to school.
