AN IFC loan to establish a private medical school in Marrakech
The International Finance Corporation (IFC) announced it has signed last week a €14 million loan agreement with KMR Holding Pédagogique (KMR), a leading pan-african higher education provider, to expand medical training in Morocco and Senegal and increase the number of health professionals in the two countries.
KMR will use the financing to set up Morocco’s first private medical school at l’Université Privée de Marrakech (UPM), one of the country’s leading private universities. KMR will also expand the Saint Christopher Iba Mar Diop University of Medicine in Dakar, Senegal. Among other work, the school will build a 250-bed student dormitory. The financing is expected to help increase the number of physicians and health professionals in Morocco and Senegal, where there is a severe shortage of doctors, the IFC, a member of the World Bank group, said in a press release.
“The investment from IFC will help us grow into a leading pan-African education player, particularly in the healthcare,” said Mohamed Kabbadj, founder and CEO of KMR. “It will also help up address fundamental educational issues, such as affordability and employability.”
IFC’s financing is designed to support the growth of tertiary private educators in Morocco and Senegal, easing pressure on over-burdened public universities and supporting programs that prepare students to work in a fast-changing economy.
“IFC supports higher education providers to help provide the job market with highly skilled youth,” said Xavier Reille, IFC Maghreb Country Manager. “Tertiary education is a strategic priority for IFC in Morocco, where we want to support Moroccan education champions to bring new and innovative private sector solutions to improve access to education and employability.”
As part of the project, IFC will advise KMR on environmental, social, and governance issues, helping the company to follow international best practices.
The project is part of IFC’s strategy in Morocco to help strengthen human capital development, bring private sector innovation into tertiary education, and support regional integration.
Since 2010, IFC has committed $125 million to education projects in the Middle East and Africa.