REFORM THE GLOBAL INSTITUTIONS TO MOBILIZE $20 BILLION FROM NEW MULTILATERAL BANK CONSORTIUM
The third stage of the plan is mobilizing the combined resources of the international institutions. No country committed to reforming and investing should be denied the chance to deliver universal education for lack of funds.
The Commission proposes major reform of the global institutions and calls for a new consortium of multilateral development banks that will pool resources, in part by leveraging the flows to the World Bank from repayment of past debts. By raising their commitment to education to 15 per cent of their combined budgets, they can generate an additional $20 billion annually by 2030 – increasing the number of qualified learners to a level ten times the number today in low-income countries.
NEW COMPACT: MULTILATERAL BANKS, DONORS AND DEVELOPING COUNTRIES WORKING TOGETHER
The fourth stage of the plan calls for a Financing Compact between developing countries, donors and multilateral institutions under which overall aid will rise to $35 a year per child by 2030 – significantly less than$1 a week, hardly a wasteful use of the world’s resources.
The benefits are clear – the aid given by individual donor countries would be more focused, better coordinated, and more cost-effective; loans from multilateral banks would be more widely and cost-effectively used; and by blending grant and loan finance in a more coordinated way, developing countries would receive more funding at a lower cost. To add to the education budgets and to get more children into school as a result of philanthropy, the Commission proposes a specific ‘education giving pledge’.
THE DRAMATIC RESULTS
Reforms and investment will get every child on track to enter school by 2030 and increase the number of qualified high school graduates in low and middle-income countries from 400 million to 850 million by 2030 – and during the next decade, raise the numbers even further to 1.2 billion. The numbers in the lowest income countries will rise from just 8 million to 80 million children. This is what we mean when we say the lost generation can become the learning generation.
Norwegian Prime Minister and Co-Convener of the Education Commission, Erna Solberg says, “The imperative to get all children and young people learning is shared by all countries. All countries will gain from action and all will face the dangerous consequences of inaction. Evidence shows that, for example, when youth have equal access to education and employment opportunities the risk of engaging in extremist activities are lower. This is a time of opportunity, but that time is running out,”A lost generation can become the learning generation…
Gordon Brown, the chair of the Education Commission and UN Special Envoy for Global Education, says, “Delivering high standards of education to millions who lose out is the civil rights struggle of our generation. The evidence before the Commission proves education is the best anti-poverty investment the world can make. I am confident that if we combine investment and reform, and mobilize domestic and international finance in a more coordinated way, we can be the first generation in history in which every single child is at school.”
ABOUT THE EDUCATION COMMISSION
The International Commission on Financing Global Education Opportunity (The Education Commission) is a major global initiative engaging world leaders, policy makers and researchers to develop a renewed and compelling investment case and financing pathway for achieving equal educational opportunity for children and young people.
The Education Commission is bringing together the best research and policy analysis on the actions necessary to increase investment in concrete, relevant learning outcomes that have a positive impact on economic and social development. The Commission is co-convened by Prime Minister Erna Solberg of Norway, PresidentMichelle Bachelet of Chile, President Joko Widodo of Indonesia, President Arthur Peter Mutharika ofMalawi and the Director-General of UNESCO Irina Bokova. The UN Special Envoy for Global Education,Gordon Brown, serves as the Chair of the Commission. – USNewswire