IFC Disburses Education Loan

The World Bank’s subsidiary, International Finance Corporation (IFC), disburses education loan for students totalling at USD 20 millions. The IFC is working together with P.T. Bank International Indonesia (BII) and Sampoerna Foundation to channel the funds.
The cooperation agreement was signed by the representatives of those three institutions - Sampoerna Foundation Chief Operating Officer Elan Merdy, PT Bank International Indonesia (BII) Director Rudy N Hamdani, and IFC Health and Education Director Guy Ellena, in Jakarta yesterday. “The loan will provide 20 thousands financing facilities for three years worth US$ 1,000 in average,” said IFC Health and Education Director Guy Ellena.He explained that the funds will increase the number of Indonesian youth being able to finish higher education. According to him, currently there are less than 10% of Indonesian youth enrolling to universities and less than 4% could finish it.
Meanwhile, Sampoerna Foundation Chief Operating Officer Elan Merdy explained that in this cooperation, Sampoerna Foundation offers its expertise, knowledge and network in education in Indonesia. On the other hand, Sampoerna Foundation asks IFC to help providing facilities for students from the lower in come family bracket. BII Director Rudy N Hamdani added that the BII will provide funds and administer the funding.
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