Evaluation Approach, Methods, and Limitations 6 2 IFCInvolvementinK-12PrivateSchools:AnOverviewoftheStrategies and Portfolio ��������������������������������������������������������������������������������������������������������������9 IFC Strategies and Business Models for K-12 Schools 9 Strategies 9 Portfolio Profile and Evolution Evolution of the Portfolio 3 Outcomes for Access, Quality, Financial Sustainability, and Effects on IFC Returns ��������������������������������������������������������������������������������������������������������������23 Access to Education and Equitable Access Education Quality Financial Sustainability of K-12 Investment Projects, IFC Additionality, and IFC Investment Returns IFC Additionality and Financial Sustainability of K-12 Private School Projects 38 Returns to IFC on Its K-12 Private School Investments The K-12 Market and Implications for IFC 44 4 Conclusions and Implications for the Future �������������������������������������������������������� 50 Relevance Education Quality Conditions for Future Engagement Considerations for the Future iii Boxes Box 1.1. IFC Instruments Used for Investing in K-12 Private Schools Box 2.1. IFC Investments in Small and Medium Enterprises Box 2.2. Operational Challenges in the Use of IFC's Risk-Sharing Facility Box3.1. IFCInvestmentsinLow-FeeSchoolsinSub-SaharanAfrica:Case Study Findings Box 3.2. Adjusting to an Education System's Approach Box 3.3. An Example of Increasing Access and Quality through Financing to Low-Fee Schools vi AnEvaluationofInternationalFinanceCorporationInvestmentsinK-12PrivateSchools Acknowledgments
AcknowledgmentsThis evaluation was prepared by an Independent Evaluation Group (IEG) team led by Aurora Medina Siy and Susan Caceres under the guidance and