Grace Ashiru
Ed Partners Africa, a Kenyan non-banking financial institution focusing on loans for affordable private schools, recently announced securing a US$10 million loan guarantee facility from the United States’ Development Finance Corporation (DFC). This move aims to improve access to affordable education. Founded in 2018 by Lydia Koros and David Fitzherbert, with Amos Mwangi as the current CEO, Ed Partners Africa provides essential financial solutions for key educational components, including infrastructure, technology, and transportation. Having made significant strides, the organization now impacts over 100,000 students in more than 350 schools.
Ed Partners, a startup that provides infrastructure loans to educational facilities, recently achieved significant milestones in its funding journey. Their services include financing the construction of classrooms, washrooms, laboratories, and dormitories and acquiring essential resources like computers, buses, and internet services. In June 2021, they raised an impressive US$1.9 million in a funding round. This success was followed by securing US$1.5 million in debt funding from Oiko Credit in August. Furthering their accomplishments, the company has now obtained a substantial US$10 million loan guarantee from DFC. This aligns perfectly with DFC’s objective to improve access to quality education, especially for communities that are typically underserved.
Following disbursement, the loan primarily aims to foster the growth of accessible, high-caliber educational opportunities within Kenya. It achieves this by offering vital financial assistance to educational institutions in the region. James Polan, who serves as the Vice President of DFC’s Office of Development Credit, emphasized the profound importance of this financial transaction. He underscored how it plays a pivotal role in delivering critical funding to enhance the availability of affordable, top-notch education, with a particular focus on reaching underserved communities in Kenya. This investment is a testament to DFC’s unwavering commitment to advancing educational access in Kenya and promoting sustainable development throughout the region.
Janet Waweru, Chief Financial Officer at Ed Partners Africa, conveyed her excitement regarding the collaboration with DFC, expressing the company’s delight in joining forces with DFC to broaden educational horizons in Kenya and East Africa. She underscored that the funding would allow them to reach more schools and students, enhancing educational outcomes and increasing the accessibility of high-quality education. Ultimately, this contributes to the long-term growth and prosperity of the region, as highlighted by Waweru.
