Since 2010, the IFC has allocated $125 million to educational projects in the Middle East and Africa.
Rabat – The International Finance Corporation (IFC), a member of the World Bank Group, has signed a loan agreement with KMR Holding Pedagogique to provide €14 million to establish a medical faculty at Marrakech Private University (UPM) and to expand medical training in both Morocco and Senegal to increase the number of health professionals.
“The investment from IFC will help us grow into a leading pan-African education player, particularly in the healthcare,” said Mohamed Kabbadj, founder and CEO of KMR. He added, “It will also help up address fundamental educational issues, such as affordability and employability.”
According to an IFC press release, KMR will also use the financing to expand the Saint Christopher Iba Mar Diop University of Medicine in Dakar, Senegal, and to provide it with a 250-bed student dormitory.
The long term effects of the project will help address the severe shortage of doctors in both countries. Additionally, KMR will benefit from IFC expertise regarding environmental, social, and governance issues, including international best practices.
Through the partnership, KMR aims “to ease pressure on over-burdened public universities and supporting programs that prepare students to work in a fast-changing economy.”
The IFC said that the project is part of its strategy to help strengthen human capital development, bring private sector innovation into tertiary education, and support regional integration in Morocco.