Bridge International Academies

completed

NewGlobe Schools Inc. (“NGS” or the “Holding Company”) is a Delaware corporation that is the owner of Bridge International Academies Limited (“Bridge” or the “Company”). Bridge was established in 2009 and aims to provide quality primary education to children of those earning less than US$2 per day by building and operating low-cost schools. Bridge has already established itself as the largest private provider of low cost schools targeting low income students in Africa, currently operating 211 schools in Kenya, serving over 57,000 students. Bridge’s model leverages centralized curriculum development, teacher training, and a comprehensive technology platform to provide quality education at an affordable cost. IFC is considering a $10 million equity investment into NGS as part of a $50 million Series D capital raise by the Holding Company. The capital will be used to expand the network of schools in Kenya and enter 3 new markets (the “Project”).The facilities at each school are designed in an architecturally consistent fashion, taking into account applicable national building codes and requirements. The buildings are simple and semi-permanent in nature, consisting of masonry foundations and walls, cement floors and with roofs and interior walls supported by timber and constructed from galvanised corrugated iron sheets. Windows are protected by wire screens, with no glass being used. All school buildings are designed by a team of architects and are based on a standardised design and submitted for approval to the authorities in the relevant area. Construction is phased and incorporates a specially designed training programme for construction staff recruited from the local community. Construction is managed in-house to ensure quality and timeliness. This is overseen by Bridge construction supervisors and managed by a local site-manager.