International Finance Corporation (IFC), member of the World Bank Group, will make a $14 million investment in Bahrain-based Addax Bank’s associate company First Education Holding (FEH), the bank announced on Monday.

IFC's financing will support the acquisition of two established K-12 schools in Jordan and bring the total number of students across FEH schools to more than 7,000.

This will also be the fourth acquisition by FEH.

FEH is the Addax's education platform, focused on acquiring and managing schools from Kindergarten to Grade 12 across the Middle East and North Africa (Mena) region, with total student enrollment of approximately 3,500 across its schools in the UAE and Egypt.

FEH provides strategic management support to schools, thereby optimising the growth and quality of its education businesses, while preserving the unique atmosphere, ethos and culture of each school.

The partnership with IFC demonstrates strong confidence in Addax's strategy to invest in high growth, non-cyclical sectors such as education, food and beverage, and hospitality across the Mena region.

Addax is committed to FEH's vision to become a leading high-quality education company that caters to the growing education needs in Mena, a statement said. – TradeArabia News Service