IFC Supports Higher Education in Namibia with Investment in Trustco Finance Limited
IFC, a member of the World Bank Group, is providing an 80 million South African rand ($10.9 million) loan to Namibia’s Trustco Finance Limited to help the microlender increase its lending to students and for teacher training, improving access to education and raising education standards in Namibia.
IFC’s investment will help Trustco double its student lending program in five years, allowing more students in Namibia to benefit from a post-secondary education. Trustco will also provide more loans to teachers, who will use the funds to enroll in teaching training courses to improve their skills.
IFC’s loan is backed by advisory services support that will help the Trustco Group improve its corporate governance.
Quinton van Rooyen, Managing Director, Trustco Group Holdings, said, “We are ready to take student lending to a new level and accelerate the growth of our program with IFC’s support. The project will help reduce the number of post-secondary students dropping out of university because they cannot afford to pay tuition fees.”
Oscar Chemerinski, IFC Regional Industry Director, said, “The project will increase access to tertiary education among low- and middle-income students, particularly those living in rural areas, thereby raising employment prospects and living standards for lower-income individuals.”
IFC is the world’s largest multilateral investor in the private health and education sectors in emerging markets and puts a high priority on supporting the education sector in Africa.
This article was originally posted on Southern Africa Business Communities