Students of the Global Indian International School's East Coast campus saluting as the Indian flag is hoisted in their school as part of the Republic Day celebrations on Jan 26. GIIS has about 4,000 students in Singapore and 9,000 overseas.-- PHOTO: GIIS
A UNIT of the World Bank has provided a $25 million loan to help a Singapore-based education firm expand in emerging economies.
The Global Indian International School (GIIS) plans to use the loan to set up about 10 campuses in India, Indonesia and Vietnam.
The loan was made by the International Finance Corporation (IFC), a member of the World Bank Group focused exclusively on the private sector in developing countries.
It has invested more than US$600 million (S$763 million) in education firms in emerging markets, such as Ghana and Brazil, over the past 10 years.
This is the first loan made by the IFC's local office, which opened here last September.
Mr Vipul Prakash, the IFC's regional director for manufacturing, agribusiness and services, told the media at a signing ceremony here yesterday: 'The
(GIIS) expansion into new, underserved markets will not only help expand access to affordable education, but also set standards for other private providers in those markets.'
GIIS started with a single school here in 2002 and now runs three with a further 17 across India, Malaysia, Thailand and Japan. It has about 4,000 students in Singapore and 9,000 overseas.
Mr Atul Temurnikar, co-founder and chairman of Global Schools Foundation, which operates GIIS, said the firm also has a separate strategy to set up another 15 schools in the Middle East and other parts of Asia.
Revenue is expected to reach $100 million in 2014.