Islamabad – November 15, 2022: Through a new partnership, Pakistan Microfinance Investment Company (PMIC) and Opportunity International EduFinance will collaborate with three microfinance providers who want to extend capital to low-cost non-state school owners and parents, and support them to improve education quality and learning outcomes for children.
Both, PMIC and Opportunity EduFinance see education as a critical component to employment creation, revenue generation and poverty alleviation. Before COVID-19, Pakistan was reporting the second highest number of out-of-school children globally – with 22.8 million not attending school or learning. The problem of limited access to education was even greater for girls, which was further exacerbated by the onset of the COVID-19 pandemic. At the same time, research indicates that for every additional year of schooling, a student can expect an additional 10 percent increase in their future wages. Financing the growth of the affordable non-state education sector can help end the cycle of generational poverty. Through this partnership, Opportunity EduFinance will provide AGAHE, RCDP and Taleem Finance with technical assistance to develop, launch and grow EduFinance loan portfolios, and will offer their school borrowers a holistic three-year school improvement program.
Press coverage of the Virtual Signing Ceremony:
Pak Observer (Twin Cities)
The Green Post
News release: PMIC and Opportuntiy EduFinance
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