World Bank Group President Jim Yong Kim on 13 April 2016 announced that the World Bank Group will invest 2.5 billion US dollars over 5 years in education projects that directly benefit adolescent girls.
The announcement was followed by a call to action from the First Lady of the United States Michelle Obama, urging key policymakers and influencers from around the world to commit to urgent action in support of adolescent girls.
The announcement was made at the Let Girls Learn event during the World Bank Group-IMF Spring Meetings.
Highlights of the Investment
• By 2020, the World Bank Group expects to invest at least 2.5 billion US dollars in education projects targeting adolescent girl.
• About 75 percent of these investments are expected to be from International Development Association (IDA), the Bank Group’s fund for the poorest countries.
• The investments are largely estimated in Sub-Saharan Africa and South Asia, which have the highest number of out-of-school girls.
• Programs to be supported will include a range of efforts to provide adolescent girls with access to quality education at the secondary level, provision of scholarships, conditional cash transfers, and schools with basic facilities like clean drinking water and toilets that promote enrolment.
Today, 62 million girls around the world are not in school, and half of them are adolescents. As per the World Bank study, every year of secondary school education is correlated with an 18 percent increase in a girl’s future earning power.
Educating adolescent girls and promoting gender equality is part of a broader effort by the Bank Group. This includes financing and analytical work in support of removing financial barriers that keep girls out of school, delaying child marriage, strengthening skills and job opportunities for adolescent girls.
This multidimensional approach is outlined in the Bank Group’s new global strategy for gender equality.
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Who: World Bank Group
When: 13 April 2016