Ed Partners Africa Secures $10 Million DFC Loan Guarantee for Education Expansion
Ed Partners Africa, a non-banking financial institution specializing in providing loans to affordable private schools in Kenya, has announced a significant stride in its mission to enhance access to quality education.
The company revealed a commitment of a US$10 million loan guarantee facility from the United States' Development Finance Corporation (DFC), aimed at fueling the expansion of affordable education initiatives.
Established in 2018 by Lydia Koros and David FitzHerbert, Ed Partners, under the leadership of CEO Amos Mwangi, has already made a substantial impact, reaching over 100,000 students across 350 schools.
The startup plays a pivotal role in the education sector by offering financial solutions for crucial components such as infrastructure, technology, and transportation.
Ed Partners specializes in providing infrastructural loans to educational institutions, supporting projects such as the construction of classrooms, laboratories, dormitories, and the acquisition of computers, buses, vans, and internet connectivity.
Having previously secured a US$1.9 million funding round in June 2021 and a US$1.5 million debt funding from Oiko Credit in August, Ed Partners Africa has now secured a notable US$10 million loan guarantee from DFC.
The corporation's decision to support Ed Partners aligns with its commitment to increasing access to quality education, particularly for underserved populations.
Once disbursed, the loan is expected to play a crucial role in facilitating the expansion of accessible, high-quality education opportunities in Kenya, providing essential financial support to numerous schools.
James Polan, Vice President of DFC’s Office of Development Credit, emphasized the significance of the investment, stating, “This is an important transaction that will provide vital financing to support increased access to affordable, quality education, especially among underserved populations in Kenya. The investment reflects DFC’s commitment to improving access to education in Kenya and supporting sustainable development in the region.”
Expressing excitement about the partnership, Janet Waweru, CFO of Ed Partners Africa, stated, “We are thrilled to partner with DFC in our efforts to expand educational opportunities in Kenya and East Africa. This funding will enable us to reach more schools and students to improve learning outcomes and make quality education more accessible, ultimately contributing to the long-term development and prosperity of the region.”
Tom Jackson / Disrupt Africa