International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, proposes to provide a loan of up to USD 30 million (S$40 million) to support expansion of Global Schools Foundation (GSF) schools in Asia.
GSF, a not-for-profit foundation was founded in 2002 by Late Dr. LM Singhvi, Justice CS Dharmadhikari, Mr. Chandu Borde and Atul Temurnikar. Global School of Silicon Valley, Global Sevilla International School and the Global Indian International School are initiatives of the Singapore based Global Schools Foundation.
The proposed investment by IFC will support the greenfield expansion of GSF in India, as well as the acquisition and expansion of schools in Indonesia and Vietnam. The expansion in India is planned in cities like Noida, Indore and Surat, among others. GSF is also planning to expand in South-east Asia in Vietnam and Indonesia.
“IFC’s financing will help the company achieve a more balanced capital structure with moderate leverage. We will also act as a long-term partner to GSF and provide access to our global education network,” IFC said on the proposed investment.
"It is a privilege to have a unit of World Bank as a partner in growth, and we would benefit greatly from their experience and best practices in education" said Atul Temurnikar, Co-Founder and Executive Chairman, GSF.
GIIS is part of a network of international schools providing education to students in 22 schools across Singapore, Malaysia, Japan, Indonesia, United Arab Emirates, Thailand, Vietnam and India.
The curricula offered include International Baccalaureate Diploma Programme, Cambridge international level secondary education (IGCSE), CBSE, CBSE-i and the Global Montessori Plus Programme.