International Financing Facility for Education (IFFEd)
Author: Albiana Jasiqi, supported by NORRAG
The International Commission on Financing Global Education Opportunity, or simply the Education Commission, created the International Finance Facility for Education (IFFEd), which aims to mobilize at least USD 10 billion of new funding by 2030. This funding is to be offered to the national governments of lower middle-income countries (LMICs) as concessional loans to enable access to school and learning for every child.
The IFFEd will mobilize resources for education by collaborating with countries, multilateral development banks (MDBs), and partners around the world. These donors and investors can contribute to both or one of the following funding formats: the guarantee and the grant windows. The IFFEd’s initial fundraising target is USD 1 billion for the guarantee window (USD 150 million in cash and USD 850 million in contingent commitments) and USD 1 billion for the grant window. This will result in a total of USD 5 billion leveraged in its first five-year program period (Education Commission, 2020). Nearly 50 countries may eventually benefit, including populous countries with large poor and marginalized populations.