On Sept. 12, 2024, S&P Global Ratings assigned its ‘AA+’ long-term and ‘A-1+’ short-term issuer credit ratings to the International Finance Facility for Education (IFFEd). The outlook is stable.
UN Secretary-General António Guterres and UN Special Envoy for Global Education Gordon Brown celebrate IFFEd’s $1.5 billion commitment to global education with IFFEd Founding CEO Karthik Krishnan and Theirworld Global Youth Ambassadors Angela Zhong and Adrija Sarkar during the UN Summit of the Future.
In its press release, Moody’s highlighted IFFEd’s “robust capital adequacy, high liquidity buffers and strong support from highly-rated sovereign contributors”, noting that the facility’s guarantee commitments will not exceed its usable equity cushion and that it benefits from backing by governments with top-tier credit standing.
In a significant move to bolster education and skills development, UK Secretary of State for Foreign, Commonwealth and Development Affairs, the Rt Hon James Cleverly, announced today a series of funding commitments targeted at enhancing the international financial system and supporting developing countries to work toward achieving the UN’s Sustainable Development Goals.
As of July 1, 2023, IFFEd is now established and operating as a non-profit foundation based in Geneva, Switzerland. Through its innovative finance model, the newly independent organization will work in collaboration with government, non-government and philanthropic partners to scale-up more affordable financing for quality education and skills development in lower middle income countries (LMICs).
Half of the world’s children live in countries where the quality of education is so poor that large numbers of 10-year-olds cannot read an entire sentence – despite having attended school for several years.
UN Special Envoy for Global Education Gordon Brown presents the founding statutes of the International Finance Facility for Education (IFFEd) to UN Secretary-General António Guterres to mark IFFEd’s launch at the Transforming Education Summit. Watch the video here.
Global Education is in crisis. Today nearly 300 million children don’t go to school, more than 80% of whom are found in low-income countries, and 800 million young people will leave school without any qualifications.
The UN Deputy Secretary-General Amina Mohammed’s delivered the following remarks at the Innovative Financing for Lower-Middle-Income Countries side event at the Transforming Education Pre-Summit in Paris on June 29, 2022.
UN Special Envoy for Global Education and Education Commission Chair Gordon Brown delivered the following remarks at the Transforming Financing for Education session during the Transforming Education Pre-Summit in Paris on June 29, 2022. This high-level panel examined the urgent shift in domestic and international financing needed to drive education transformation.