World Bank invests more in education; big gap remains
On the heels of a new report that said nearly 70 million children around the world are not getting an education, the World Bank just announced that it will make $750 million in additional investment through 2015 to achieve universal primary education.
But the additional funding of $150 million per year over the next five years represents less than 1/100 of the total global need.
The funding, announced at a United Nations summit on Monday, will focus on countries in South Asia and Africa that are unlikely to achieve universal primary school completion and gender parity in education by 2015, the U.N. Millennium Development Goal.
The report -- produced by Education International, Plan International, Oxfam, Save the Children and VSO -- said that Haiti and Somalia are the two worst countries in which to be a school-age child.
The World Bank’s commitment to increase its education funding for poor countries follows a June report that said the World Bank’s education investments have been decreasing in sub-Saharan Africa.
Africa’s share of total Bank education financing for the world’s poorest dropped from an average of 44 percent in 2002 to 28 percent in 2010 despite being the region the farthest away from reaching the education goals.
There are 72 million children around the world still without access to education and a global education funding gap equal to $16 billion. In Africa alone, one out of every three children is missing a primary education, and Africa faces an annual financing gap of $10 billion for education.
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| September 21, 2010; 11:56 AM ET
Categories: Equity | Tags: education, education funding, education investment, fu, oins summit, united nations summit, world bank
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