IFFEd commits to USD 1.5 billion for global education and skills in LMICs
The International Finance Facility for Education (IFFEd) committed to USD 1.5 billion for global education and skills in lower-middle-income countries (LMICs) for 2024-2025, the biggest one-off boost to education funding in decades, as announced today by UN Secretary-General António Guterres and UN Special Envoy for Global Education Gordon Brown at the UN Summit of the Future in New York.
IFFEd is an innovative public-private partnership registered in 2023 as a Swiss foundation based in Geneva. Through the use of contingent capital from donors, IFFEd makes it possible for multilateral development banks (MDBs) to provide loans for education to LMICs five times more efficiently than the conventional MDB model based on paid-in capital. Founding donors Canada, Sweden, and the United Kingdom have contributed USD 342 million in guarantees and capital plus USD 100 million in grants, whilst major global philanthropic partners have provided IFFEd seed capital. Further information about IFFEd and its commitment of USD 1.5 billion for education can be found on its website.
Lenz & Staehelin acted as Swiss legal counsel of IFFEd.