The resolution was developed by the International Finance Facility for Education (IFFEd) to help address the global education crisis, which is dire in context but often overlooked.
Around 250 million children are out of school around the world, while more than 800 million young people – half of the world’s youth population – will leave school without being part of the modern workforce.
The money will help address the critical funding shortfall in the education sector, which is projected to reach nearly $97 billion per year by 2030.
A historic investment
UN Special Envoy for Global Education and former British Prime Minister Gordon Brown said the pledge would fund, until 2025, “the largest single investment in global education and skills development in decades”.
Gordon Brown is also the President of IFFEd. This public-private partnership international financing mechanism will help bridge the funding gap in the education sector, particularly in low-middle income countries (LMICs).
These countries are home to 1.2 billion children and youth, which is almost half of the world’s population.
These countries also include India, Pakistan, Nigeria and Kenya, which have been declared out of sight.
These countries no longer receive subsidies for education, but non-concessional financial aid is also unavailable. Whereas their limited domestic resources often result in less resource investment in education and skills development.
A great example of innovative financing
Major funders of IFFEds include Canada, Sweden and the United Kingdom, which have committed $342 million in guarantees and capital, while $100 million will be in the form of grants.
Many non-governmental organizations around the world have also made huge contributions to this amount.
Meanwhile, 10 countries in the Asia Pacific region have been approved for IFFEd’s financial assistance, namely Bangladesh, India, Mongolia, Pakistan, Papua New Guinea, Philippines, Sri Lanka, Timor Leste, Uzbekistan and Vietnam.