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The controversy around the IFC’s investment in Bridge Academies, a for-profit education provider in Africa and India, is not going away. Indeed, World Bank President Ajay Banga has committed to an external investigation of the entire fiasco. The Bridge investigation highlighted two significant accountability gaps at the Bank.
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The International Finance Corporation (IFC) has withdrawn funding for Bridge International Academies (BIA) following pressure from activists.
Education International (EI) welcomes the decision from the World Bank’s private sector arm, the International Financial Corporation (IFC), to stop investing in the for-profit chain of schools, Bridge International Academies. The IFC had invested more than US$ 10 million in Bridge International Academies operations in Africa and supported the company's expansion elsewhere.