World leaders attending the G20 summit in Hamburg, Germany. Photo © Getty Images
This past weekend, the G20 countries agreed to a meaningful breakthrough for global education. The leaders of the largest and richest countries acknowledged the bold recommendation for an International Finance Facility for Education and committed to shaping its development over the next year under the Argentine G20 presidency.
Five GBC-Education advisory board members including Aliko Dangote, Strive Masiyiwa, Baela Jamil, Amel Karboul and Justin van Fleet, were part of the International Commission on Financing Global Education Opportunity which put forward this recommendation to the G20. The proposal, which would nearly double international aid to education, would be a game-changer for children and youth.
This is the first time in history a plan to finance global education has been recognized by the G20 and gives additional momentum to achieve the Sustainable Development Goal for education.
Earlier this year, GBC-Education made a strategic decision to support the Commission’s proposal for an International Finance Facility for Education as an innovative financing effort which could transform the financing of education lower-middle income countries. The Facility would be a complement to two existing global funding mechanisms – the Global Partnership for Education and Education Cannot Wait – and extend a new line of finance to governments committed to investment and reform, fueling skills for the next generation of young people entering the workforce.
The exact wording on the communique agreed by all the G20 leaders is:
“We note the UN Secretary-General’s proposal to establish an International Financing Facility for education taking into account other existing initiatives, such as the Global Partnership for Education and Education Cannot Wait, and look forward to examining it in further detail under Argentina’s Presidency with a view to making recommendations on it.”
To read more about the G20, please visit this Theirworld story.
Looking forward, GBC-Education will identify ways for the private sector to shape the conversations and priorities which drive how these new investments are made so they have maximum impact.