IFC supports Top Vocational Institution Reach More Students in Morocco
RABAT, Morocco, April 25, 2013/African Press Organization (APO)/ -- IFC, a member of the World Bank Group, is investing $7 million in the Institut des Hautes Etudes de Management, to support the leading private business and vocational school double its student body and expand educational access across the country.
IFC's equity investment in HEM marks its first direct involvement with the education sector in Morocco. Increasing access to higher education for young people is a priority of the partnership, and as such HEM's expansion plans include constructing new HEM Business School campuses in Fes and Oujda, and upgrading its Rabat campus.
Additionally, the partnership will facilitate affordable tuition fees by establishing a new technical university to reach more students and develop professional skills relevant to growing sectors of the Moroccan economy.
This new independent entity will expand and differentiate from HEM's current model.
“This new university will increase opportunities for young people throughout Morocco, enabling them to make themselves employable and build a positive future,” said Yasmine Benamour of HEM.
The investment is part of the E4E Initiative to support the role of the private sector in providing post-secondary education and training that meets the demands of the labor market and improves youth employability. It is also in line with IFC's strategy in Morocco to focus on job creation, access to finance for small businesses, and improved access to quality education
“Finding partners like HEM is crucial to the E4E Initiative,” said Guy Ellena, IFC Director of Manufacturing, Agribusiness, and Services in Europe, the Middle East, and North Africa. "The need to address youth unemployment is particularly urgent in North Africa and the Middle East, and private education has an important role to play.”
HEM is one of Morocco's premier private business schools, with 25 years of experience and campuses in Rabat, Casablanca, Marrakech, Tangier, and Fes.
Recognizing the importance of employment following graduation, HEM ensures that 70 percent of its students find a job within three months of graduation.
IFC, a member of the World Bank Group is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world's most pressing development challenges. For more information, visit www.ifc.org.