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202<br />

Deutsche Gesellschaft fur Technische Zusammenarbeit (GTZ) GmbH<br />

Irel<strong>and</strong> Development Cooperation<br />

Japan Bank for International Cooperation (JBIC)<br />

Japan International Cooperation Agency (JICA)<br />

Kreditanstalt fur Wiederaufbau (KFW)<br />

Ne<strong>the</strong>rl<strong>and</strong>s Development Cooperation<br />

New Zeal<strong>and</strong> Official Development Assistance (NZODA)<br />

Norwegian Agency for Development Cooperation (NADC)<br />

Swedish International Development Cooperation Agency (SIDA)<br />

U.K. Department for International Development (DFID)<br />

U.S. Agency for International Development (USAID)<br />

5.3.8 The World Bank <strong>in</strong> <strong>the</strong> Education sector<br />

The World Bank has grouped all sectors <strong>of</strong> its activity under 37 heads <strong>and</strong> <strong>education</strong> is one <strong>of</strong><br />

<strong>the</strong>m. The World Bank <strong>in</strong>cluded <strong>education</strong> sector <strong>in</strong> <strong>the</strong> list <strong>of</strong> “credit worthy” sectors <strong>in</strong> 1963<br />

before that <strong>the</strong>re was no lend<strong>in</strong>g available for this sector. The Bank resealed its first loan for<br />

<strong>education</strong> sector to Tunisia for an <strong>education</strong> project <strong>in</strong> 1963. S<strong>in</strong>ce <strong>the</strong>n <strong>the</strong> dem<strong>and</strong> is on <strong>the</strong> rise<br />

<strong>and</strong> <strong>the</strong> World Bank <strong>in</strong>vestment <strong>in</strong> <strong>education</strong> sector is cont<strong>in</strong>uously augment<strong>in</strong>g <strong>and</strong> touch<strong>in</strong>g<br />

new record levels every year; <strong>in</strong> 2009 <strong>the</strong> Bank <strong>in</strong>vested US$ 3.4 billion whereas <strong>in</strong> 2010 <strong>the</strong><br />

Bank has made a commitment <strong>of</strong> five billion dollar. Whereas dur<strong>in</strong>g <strong>the</strong> last fifty years <strong>the</strong> Bank<br />

has made a total <strong>in</strong>vestment <strong>of</strong> US$ 69 billion <strong>in</strong> this sector via more than 1,500 projects <strong>in</strong><br />

develop<strong>in</strong>g <strong>countries</strong> (The World Bank, 2010). To meet <strong>the</strong> chang<strong>in</strong>g needs <strong>the</strong> International<br />

F<strong>in</strong>ance Corporation (IFC) has also started <strong>in</strong>vest<strong>in</strong>g <strong>in</strong> <strong>education</strong> s<strong>in</strong>ce 2001 <strong>and</strong> it has supported<br />

46 <strong>education</strong> projects by lend<strong>in</strong>g more than US$ 500 million to <strong>the</strong> private sector.<br />

It is a proven fact that <strong>education</strong> is a fundamental factor <strong>in</strong> socio-economic development <strong>and</strong> its<br />

returns are last<strong>in</strong>g both for <strong>in</strong>dividuals <strong>and</strong> society. Fur<strong>the</strong>rmore <strong>education</strong> is a basic build<strong>in</strong>g<br />

block <strong>of</strong> human development <strong>and</strong> it is also <strong>in</strong>strumental <strong>in</strong> reduc<strong>in</strong>g poverty, improv<strong>in</strong>g <strong>the</strong><br />

quality <strong>of</strong> life peace <strong>and</strong> prosperity. As a result <strong>the</strong> <strong>education</strong> is expend<strong>in</strong>g, extend<strong>in</strong>g,

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