5-Year vision for Opportunity EduFinance

UNLOCKING QUALITY EDUCATION FOR THIS GENERATION 5-YEAR VISION FOR OPPORTUNITY EDUFINANCE

OPPORTUNITY INTERNATIONAL | 1

WHAT DO YOU WANT TO BE WHEN YOU GROW UP? It’s a common question we ask our children as they grow and develop. It’s what my own parents asked me as I started school as a kid. It’s one of the first questions that dared me to dream; that allowed me to imagine a future full of possibilities and choices. What I didn’t realize back then, however, was how many children around the world never get that chance.

Today, a girl born in Uganda is four times more likely to have her first child than a high school diploma before reaching adulthood

Today, a girl born in Uganda is four times more likely to have her first child than a high school diploma before reaching adulthood.1,2 For her, the future is not full of hope, but of worry and uncertainty. Around her, she’ll see families struggle to make ends meet, and the few schools she could attend will not be equipped to teach her.

Facing this crisis, I want to pose another question: What if we could reverse these statistics?

Research tells us that giving a child in a developing country the opportunity to get a good education will change everything about her future. She will be healthier and live longer; she will have fewer children and later in life; she will gain more decision-making power over who her spouse is, and her role in her household. Additionally, she will earn more income to provide for her future children, who will be healthier, more educated, and more likely to succeed in life. The outcomes are evident: Education reduces poverty.

Education unlocks potential.

Education transforms lives.

Globally, solving the education crisis remains a priority for many governments, bi-lateral agencies, foundations, and NGOs. Despite these efforts, 617 million children and youth around the world aren't learning, including 263 million who do not attend school at all.3,4 Given the current pace of progress, many of us won’t see the education crisis resolved in our lifetime—not without a catalytic solution.

OPPORTUNITY INTERNATIONAL | 2

The goal of Opportunity International’s EduFinance initiative is to help accelerate an end to the global education crisis. Opportunity offers the only systemic approach that helps more kids go to school and stay in school while improving the quality of education schools provide. This work, we believe, is accomplished much faster and more effectively with a bottom-up approach: investing in the potential of local parents and educators who, impatient with waiting for their local public schools to improve, build their own affordable private schools to provide the quality education they envision for their children.

With Opportunity’s education loans, parents can afford to send all their children to school when fees and other expenses are due, and school owners can invest in urgent improvements, such as building a new classroom or bathroom, or hiring new teachers.

With Opportunity’s education quality trainings and assessments, clusters of schools are collaboratively improving curriculum, teaching standards, and educational outcomes for their students.

The importance of this approach is that it is both sustainable and scalable to any developing country throughout the world. As loans are repaid—and 98% are—more educators and parents can help more kids go to school, year after year. To date, this work has helped transform the futures of more than 2.3 million children in developing communities.

Everywhere, parents want to give their children a good education, and educators are stepping up to fill the gaps left by public school systems.

Access to capital, blended with trainings and localized support, provides the catalyst for affordable private schools to rapidly expand and improve— and continue expanding and improving, long after Opportunity’s first intervention.

For me, solving the global education crisis doesn’t have to be theoretical.

I’ve seen parents and educators around the world already doing it—and doing it faster and better than I could have ever imagined. Instead, it’s simply a matter of how soon. How soon can we make sure all children— regardless of where they are born—have the opportunity to gain a quality education?

I have just one last question for you: Will you join us?

Andrew McCusker Head of Opportunity EduFinance

OPPORTUNITY INTERNATIONAL | 3

TABLE OF CONTENTS CHALLENGES & OPPORTUNITIES 617 Million Missed Opportunities Global Inequalities in Education Persist Education is Key for Ending Poverty Why Affordable Private Schools?

The Potential of a Locally-Driven, Entrepreneurial Solution

5 6 6 7 8 9

THE OPPORTUNITY EDUFINANCE MODEL A Sustainable Approach to Close the Education Gap Ensuring Access to School for All School Improvement Loan School Fee Loan Youth Savings Accounts Improving the Quality of Education for All School Clusters Pathways to Excellence School Profiles

10 11 12 13 15 16 18 19 21 23

5-YEAR VISION FOR GROWTH What's Next Scale EduFinance Lending Grow and Improve Education Quality Increase Knowledge Leadership The Impact

25 26 27 29 31 33

THE OPPORTUNITY DIFFERENCE Opportunity’s Track Record Accomplishments to Date Opportunity’s Results Schools are Growing and Improving Students are Learning More, Especially Girls More Teachers and Jobs are Added in Communities Partnerships and Endorsements Monitoring, Evaluation, Research, and Learning

35 36 36 37 37 37 38 39 40

JOIN US!

41

APPENDIX A: EDUFINANCE PARTNERS

43

APPENDIX B: PATHWAYS TO EXCELLENCE SAMPLE DATA DASHBOARD

44

ENDNOTES

45

OPPORTUNITY INTERNATIONAL | 4

CHALLENGES & OPPORTUNITIES Education is a child’s greatest tool in ending the generational cycle of poverty for herself and her family. Yet today, 617 million children and youth are not learning.

OPPORTUNITY INTERNATIONAL | 5

617 MILLION MISSED OPPORTUNITIES For children in developing regions, access to schools—good schools in particular—is all too scarce. Parents, with limited income, are unable to cover educational expenses for uniforms, fees, and lunches for all their children. Schools, with limited funding, are unable to build adequate facilities, hire new teachers, or offer transportation for rural students, many of whom must walk miles each day to attend school.

5 BIGGEST BARRIERS THAT KEEP CHILDREN OUT OF SCHOOL

Due to these overwhelming obstacles, 617 million children and adolescents around the world aren't learning basic skills like reading and writing. This includes 263 million children and youth who have never started school or have already dropped out, and 354 million who do go to school, but aren’t learning.5

GLOBAL INEQUALITIES IN EDUCATION PERSIST Over the last two decades, incremental progress has been made in reducing global out-of-school rates for children and youth. However, global statistics demonstrate that even as more children start attending school, most of those living in developing countries will not have the chance to learn the skills they need to build a better future.

•

9 out of 10 children and youth in sub-Saharan Africa will not achieve minimum proficiency levels in literacy and numeracy, accounting for one-third of all students in the world who aren't learning6

•

In Central and Southern Asia, 8 out of 10 students will not meet minimum proficiency standards7

•

Across Africa, public secondary schools can accommodate only 36% of qualifying secondary students8

•

4 out of 5 grade two students in Ghana and Malawi were unable to read a single familiar word such as “the” or “cat”9

•

Only half of grade five students in rural India could fluently read text at grade two level curriculum, which include sentences (in local language) such as “It was the month of rains”10

•

Despite sizable gains in education quality in Indonesia, the country still won’t reach global averages in mathematics for another 48 years; in reading, 73 years11

•

For primary-age children living in developing countries, 91% will not achieve minimum standards in reading and 87% in math. In developed countries, the rates are 5% and 8% respectively.12

There is no school nearby—forcing children to travel long and unsafe distances

?

Futures are uncertain—illness or death of a parent or caretaker often causes drop outs

Schools and teachers are ill-equipped— overcrowded and underfunded schools are unable to adequately teach children, resulting in repeated grades and high drop-out rates

Education does not lead to employment— reducing the incentive for youth to stay in school instead of finding other work

Parents are unable to afford educational costs for all their children—financial uncertainties cause inconsistent attendance and high drop-out rates

EDUCATION IS KEY FOR ENDING POVERTY For a child living in poverty, the more time she spends learning in a classroom, the greater her chances of success are in nearly every facet of her life: •

Her future wages increase up to 20% for every additional year of primary school13

•

Each year of education adds 0.6 years to her life expectancy14

•

Every year she stays in school reduces her chances of becoming victim to child marriage, teen pregnancy, and contracting serious diseases like HIV15,16

•

•

When she does have children later in life, they will be 50% more likely to live past age five and much more likely to receive a good education17 She will gain more confidence and decisionmaking power in choosing her future spouse, and more empowerment within her household to advocate on behalf of herself and her children18

Well-educated citizens are also essential in promoting inclusive economic growth, gender equality, and peace

and security within developing countries: •

If all students in low income countries left school with basic reading skills, 171 million people could be lifted out of poverty, which would be equivalent to a 12% cut in world poverty19

•

Families with an educated head of household are up to 22% less likely to be poor than those with an illiterate head of household20

•

For developing countries, increasing primary enrollment rates from 50 to 100% leads to an 8% increase in the share of income going to households in the poorest decile21

•

Across 18 sub-Saharan African countries, those of voting age with primary education are 1.5 times more likely to express support for democracy than those with no education22

•

Greater education leads to universal declines in gender wage gaps. In Ghana alone, the gender wage gap shrinks from 57% for women with no education to 16% for women with a secondary school education23

THE CRITICAL IMPORTANCE OF GIRLS' EDUCATION Girls in developing countries are less likely to go to school and more likely to live in poverty than their male counterparts. For a girl, a good education is vital and can yield powerful, generational ripple effects: She gains more confidence and decision-making power over her future, and well as a greater understanding of her rights.

She will have better health and well-being by learning about how to prevent infections, complications during childbirth, and contracting diseases like HIV/AIDs. She will build a stronger family, as she is less likely to become a teen mother or a victim of child marriage, and much more likely to ensure her own children (when she has them later in life) are healthy, safe, and educated.

She will earn a better livelihood due to learning marketable skills in school that help her find goodpaying jobs later in life.

WHY AFFORDABLE PRIVATE SCHOOLS? Affordable private schools offer a viable alternative for parents who must choose between sending their children to the poor-quality, far away public school, or no school at all.

Affordable private schools—often started by local parents or educators—operate as socially-focused businesses that fill the need in their communities for higher quality education. And by operating privately as a business, school owners can use loans to invest in critical improvements without waiting for government support.

In a rural community, this often means a school can address the biggest educational needs in its community, such as adding a new secondary classroom so students can continue their education for another grade, hiring more teachers to reduce class sizes, or building genderseparated bathrooms to help girls stay in school once they reach adolescence.

According to the World Bank and UNESCO, these affordable private schools are playing a critically important role in closing the education gap by providing a critical link to quality education that students would otherwise lack while also increasing access to education where the public sector has not kept pace with population growth.24,25

Although the quality of affordable private schools varies, many are considered higher quality by parents.26 Regardless, the outreach that these schools have achieved organically, and with very little financial support, demonstrates the power of a private sector solution: •

In South Asia, the sector has grown explosively, with approximately one-third of students aged 6-18 now attending private schools.27

•

In sub-Saharan Africa, 8% of primary-aged children and more than 15% of secondary-aged youth are in private schools. In Latin America, the figures are 14% and 18%, respectively.28

•

In India, increases in private school enrollment were found in almost all states. As of 2012, 28% of children in rural areas were enrolled in private schools—a rate than has been rapidly increasing and may reach 50% by the end of 2018.29

•

In Lagos, Nigeria, private schools accounted for as much as 70% of the pre-primary and primary levels in the 2010/11 school year.30

•

In one extremely poor district in Ghana, 64% of children attended private schools.31 OPPORTUNITY INTERNATIONAL | 8

THE POTENTIAL OF A LOCALLY-DRIVEN, ENTREPRENEURIAL SOLUTION If current trends continue, 25 million primary-age children will never step foot in a classroom, most of whom are girls,32 leaving yet another generation of children to grow up without adequate opportunities to work their way out of poverty.

This need for better education is immediate; the solution should be too. The stakes are too high, and the potential is too great to wait even one more generation to secure the right to a good education for all.

Unfortunately, public school systems alone will not be able to fix these gaps for the next generation. UNESCO estimates that the world isn’t likely to achieve universal access to education for all children and youth until 208433—even then, learning outcomes will be decades behind those of students from developed regions of the world.

To fix the broken promise of education for children of this generation, Opportunity International developed an alternative, locally-driven entrepreneurial approach: Instead of building schools, Opportunity builds the capacity of local communities to build and grow their own quality, affordable private schools. This empowers local educators and parents who are impatient for change to build the schools they envision to give their children the best possible education.

This approach also provides a sustainable way to rapidly grow and improve schools wherever there is a need for better education in the world and a local educator willing to step up to the challenge, ensuring more children can gain a good education as soon as possible.

If current trends continue, 25 million children— an amount equivalent to the population of Australia— will never go to school.

To date, Opportunity has helped communities improve access to education for 2.3 million children in 16 developing countries throughout sub-Saharan Africa, Latin America, and Asia.

Our work, however, is just getting started. By combining the power of financial solutions with innovative quality improvement services, Opportunity’s proven model offers one of the industry’s only sustainable and market-based approaches that can be scaled throughout the world to help close the global education gap for this generation of students.

In 2018, Opportunity is focused on key strategies to rapidly expand outreach, including growing Opportunity's new Education Quality initiative and launching one of the world’s first education Impact Funds for developing markets.

Together, we can help unlock brighter futures for millions of children today so that tomorrow is better for all.

OPPORTUNITY INTERNATIONAL | 9

THE OPPORTUNITY EDUFINANCE MODEL By blending financing with quality improvement support, Opportunity is empowering educators to grow and improve local schools while helping parents cover the costs of education to send all their children to school.

OPPORTUNITY INTERNATIONAL | 10

A SUSTAINABLE APPROACH TO CLOSE THE EDUCATION GAP For 47 years, Opportunity International has worked to lift families out of poverty by pioneering innovative financial solutions that help families build sustainable livelihoods for themselves and their communities, including savings-led banking for the poor, rural and agricultural lending, and micro-insurance development.

initiative in 2007 to offer a new, market-based, entrepreneurial approach to help solve the global education crisis.

Today, this initiative has empowered more than 2.3 million children with a better education in 16 developing countries.

Throughout the decades of serving the poor, Opportunity heard time and again from clients that their greatest desire is to earn enough income to send their children to school. Recognizing this universal desire, and the efforts of parents and educators who were already working to fix the educational shortfalls in their communities, Opportunity launched its EduFinance

Opportunity’s approach, which blends the sustainability of Education Finance with locally-driven Education Quality services, offers a permanent solution that can be replicated to give children access to a good education in almost any developing community around the world.

EDUFINANCE GLOBAL OUTREACH

Existing Outreach

Potential Expansion (2018-2019)

LATIN AMERICA

AFRICA

ASIA

Colombia, Dominican Republic, Ecuador, Nicaragua, Bolivia, Guatemala, Mexico, Peru

Ghana, Kenya, Liberia, Malawi, Mozambique, Nigeria, Rwanda, Tanzania, Uganda, Zimbabwe, Cameroon, Cote d’Ivoire, Ethiopia, Madagascar, South Africa, Zambia

India, Philippines, Bangladesh, Indonesia, Myanmar, Pakistan

OPPORTUNITY INTERNATIONAL | 11

ENSURING ACCESS TO SCHOOL FOR ALL To close the education gap, every child must have access to a quality, local school. However, in developing communities, financial challenges prevent low-income families from sending their children to school, and prevent schools from making muchneeded improvements.

Opportunity, leveraging its expertise as a microfinance organization, designed education-focused financial products to address these common barriers, ensuring more children around the world can go to school and stay in school. Since 2012, more than $110 million has been loaned to school owners and parents via

Opportunity’s two flagship education loan products, the School Improvement Loan and School Fee Loan, (described in more detail in the following pages).

Loans are provided through local, socially-focused financial institutions, which are identified and vetted

by Opportunity. Opportunity works with financial institutions to help them launch and sustainably manage a customized education loan portfolio, adapted to their specific markets to support the education-related needs of local school owners and parents, while working to minimize the risk that parents or school owners would become over-indebted.

EDUCATION FINANCE How Opportunity's Education Finance products are tackling barriers that keep millions of kids out of school.

CHALLENGE

SOLUTION

SCHOOLS LACK UP-FRONT CAPITAL

SCHOOL IMPROVEMENT LOAN

Without adequate financial support, either from government funding or school fees, schools are unable to expand or improve.

With a loan, a school owner can invest in her school’s most pressing needs, such as building new classrooms to serve more students from the local community or hiring additional teachers to reduce class sizes.

COSTS OF EDUCATION BURDEN FAMILIES

SCHOOL FEE LOAN

Parents earning irregular or seasonal income struggle to pay for school fees, uniforms, food, class supplies, and transportation at the time costs are due.

School Fee Loans ensure parents can cover educational expenses, especially for multiple children, without sacrificing other needs like food, healthcare, or growing their small business.

LACK OF A FINANCIAL SAFETY NET FOR CHILDREN

YOUTH SAVINGS ACCOUNTS

Without savings, unexpected events, such as a parent's illness, can threaten a child's future economic security and access to education.

By opening a savings account, students learn how to develop good savings habits and build a safety net, ensuring they are better prepared for their future and during times of economic uncertainty.

OPPORTUNITY INTERNATIONAL | 12

SCHOOL IMPROVEMENT LOAN After a local educator starts a school in her community, and as more students enroll, one of her most immediate needs is for capital. With a School Improvement Loan, she can invest in her school's most immediate infrastructure or staffing needs—for some school owners, it’s adding classrooms, textbooks, and desks; for others, it’s installing running water, dormitories, or gender-separated bathrooms—all of which are important provisions that keep students, especially girls, in school.

School Improvement Loans set the stage for rapid and sustainable improvements to schools in low-resource environments, ensuring more students will gain access to a better education, much faster.

SCHOOL IMPROVEMENT LOAN CLIENT PROFILE Clients are most often a local entrepreneurial parent or educator who has started an affordable private school in an under-served developing community, and has sustained good enrollment rates for at least two years (demonstrating the school has earned the support of the local community).

LOAN TENURE Loan tenures vary from 6-36 months. Average loan tenure is 24-30 months.

LOAN AMOUNT Average loan amount is approximately $11,000, and varies by market.

SUSTAINABILITY Loan repayments are structured around schools’ seasonal revenue (which is often generated from school fees), and individual school capacity for managing a suitable repayment schedule. Loan officers from the local financail institution, as well as Opportunity Education Specialists in select markets, provide the school owner with hands-on training and guidance in business development to help school owners wisely invest their loans and sustainably grow their schools.

IMPACT School Improvement Loans are used by school owners to invest in their schools’ most pressing needs. Most commonly, loans are used for: • Infrastructure and expansion, such as building new classrooms, bathrooms, or dormitories—all of which are especially important for helping improve girls’ attendance and enrollment.

BY THE NUMBERS 5,400 Cumulative School Improvement Loans provided to school owners

$62M Value of School Improvement Loans provided

1.3M

• Improving educational provisions, such as hiring new teachers to reduce class sizes, or purchasing textbooks, classroom supplies, desks, or computers.

Students benefiting from school improvements

• Enhancing health and safety, such as adding metal roofs, concrete floors, refrigerators, or wells, piping, or filtration systems for clean water.

100K Jobs created in communities from schools hiring more teachers, staff, and construction workers

Everyday, Charles Mugerwa is determined to live up to the name of his school, Top Care Junior School in Uganda. He chose the name because of what it meant—that his students would be able to learn in the best facilities, his teachers would be paid and trained well, and the community would be proud and excited to be able to send their children to a good, local school.

Over the years, Charles has made dozens of improvements and expansions, including investing several Opportunity School Improvement Loans to build new classrooms and dormitories. As a result, his enrollment has grown from 24 students in 2005 to now more than 890. Charles focuses especially on helping girls stay in school, which is one of his biggest priorities for his own three daughters. Charles plans to use his next loan to expand his school's boarding facilities to provide more girls from rural communities with a safe place to stay and get an education.

OPPORTUNITY INTERNATIONAL | 14

SCHOOL FEE LOAN Poor families usually rely on seasonal income, and cash is often not readily available to cover educational costs at the start of school terms. This lack of cash at the right time often results in a child not enrolling or being pulled out over a temporary cash flow issue.

Opportunity offers School Fee Loans that help ease the pressure of up-front educational costs, effectively spreading out the costs of their children’s education and helping prevent school drop-outs or missed classes during times of economic uncertainty.

SCHOOL FEE LOAN CLIENT PROFILE Clients are most often a low-income family with seasonal or irregular income, likely with multiple children. Parents may be using part of a microfinance business loan to pay for educational costs, limiting the amount they can invest in growing the family’s small business or farm.

LOAN TENURE Loan tenures vary according to the two main types of income earners: 1. Parents with seasonal income, usually farmers who earn the bulk of their income after harvest season(s), use 10-12 month loans to cover the full school year and keep their children in school between harvests.

2. Parents with inconsistent monthly cash flow, usually day laborers or shop owners who earn varying amounts each month, use 3-4 month loans to help cover a school term before cash comes in.

LOAN AMOUNT Average loan is approximately $100-$250, which helps send three kids to school. Amounts vary from market to market and for different loan tenures.

SUSTAINABILITY With School Fee Loans, parents can invest their full business loan in their business, and use School Fee Loans to send their children to school—the result of which has helped parents grow their businesses and increase their incomes faster, significantly more than they would have without the School Fee Loan.

IMPACT School Fee Loans are helping: •

• •

BY THE NUMBERS 180,000 Cumulative School Fee Loans provided to parents

$48M Value of School Fee Loans provided

Students stay in school: Even when students attend free public schools, parents must pay for expenses such as transportation, uniforms, food, and classroom materials. When families are unable to cover the costs, children skip a term or drop out.

Students benefiting from School Fee Loans

Girls go to school: When money is tight, parents will often choose to send their sons to school before their daughters.

3 kids

Improve learning: With fewer gaps in attendance, students keep up with their studies and teachers spend more time progressing through curriculum.

560K

Average number of children whose fees and other costs are covered when a parent uses a School Fee Loan

YOUTH SAVINGS ACCOUNTS In several regions, Opportunity works with financial institutions and schools to provide youth business and financial literacy trainings and encourage students to start their own savings accounts. By opening a Youth Savings Account, students learn how to prudently save over time to help build a more secure financial foundation.

SAVINGS ACCOUNTS BENEFICIARIES Opportunity works with local partners (see Appendix A) to offer Youth Savings Accounts to complement youth training programs. As students participating in the programs learn more about business development and financial literacy, they are also connected to financial institutions where they can save their hard-earned income in a secure account.

THE IMPACT By developing good savings habits early in life, students will be better prepared to meet their future financial needs and provide for their families. In some cases, students have used their savings to help cover their own educational costs when their parents fall ill, or are otherwise unable to afford the costs of education, ensuring they can continue attending school, even during times of financial uncertainty.

BY THE NUMBERS 40,700 Youth have opened savings accounts for themselves

$1.9M Saved to date by students

28K Youth have received financial education from Opportunity

CUMULATIVE VALUE OF EDUFINANCE LOANS From 2015 to 2017, Opportunity achieved at least 30% year-over-year growth in cumulative loan disbursements for both the School Improvement Loan and School Fee Loan products.

SCHOOL IMPROVEMENT LOANS

SCHOOL FEE LOANS

$60M

$55.5M

$50M $45.3M $41.7M $40M $35.0M $30.6M $30M

$20.2M $20M

JUNE 2015

DEC 2015

JUNE 2016

DEC 2016

JUNE 2017

DEC 2017

OPPORTUNITY INTERNATIONAL | 16

For Robinah, growing up in Ggaba—an extremely poor region in Uganda—life was always uncertain. And after she became a mother, she opened a small retail shop so she could provide for her family and give her children a better future. When she was abandoned by her husband and left to raise her six children alone, she knew she couldn't afford to keep them all in school.

Despite all her efforts, she worried every night her daughters would run away or marry too young, and never escape a life of poverty.

That's when Robinah turned to Opportunity. With the business loan and training Opportunity provided, she began selling new food items and her business started to attract more customers. After her business picked up, she decided to use Opportunity School Fee Loans to cover the costs of education for her three youngest girls (all pictured), who were still schoolaged. All three have restarted their education and are flourishing.

Esther, her 20-year-old daughter, says, “My mother has worked day and night to keep us in school, and with Opportunity School Fee Loans she has helped bring me to where I am today. If it weren't for that, I would be in a village doing manual labor. Instead, I can stay in Kampala and go to nursing school and have a better future.”

OPPORTUNITY INTERNATIONAL | 17

IMPROVING THE QUALITY OF EDUCATION FOR ALL Owners of affordable private schools, as sociallyfocused education entrepreneurs, strive to provide the best possible education for children in their communities. However, private schools often operate as fragmented small businesses, without a support network to offer resources or benchmarks for what a high-quality school should strive for to ensure the best possible learning outcomes for students.

In 2015, after listening to many educators express the need for additional support in improving students’ learning outcomes, Opportunity launched a new arm of EduFinance, called Education Quality, to help local educators work together in transforming education in their communities.

With the launch of Education Quality, Opportunity’s EduFinance initiative now offers the only approach that addresses the capital needs of parents and school owners, while also deepening the skills and competencies of local school leaders, teachers, and staff—all within a sustainable, low-cost framework that can be replicated worldwide.

Opportunity’s Education Quality model was developed in coordination with education industry leaders around the world and integrates best-in-class, sustainable quality improvement strategies with innovative, technology-based assessments to track schools’ progress over time, ensuring Opportunity’s interventions lead to lasting results.

EDUCATION QUALITY

HOW OPPORTUNITY’S EDUCATION QUALITY SERVICES ARE IMPROVING How Opportunity's Education Quality services are empowering educators to sustainably improve affordable AFFORDABLE private schools inPRIVATE developingSCHOOLS communities.

CHALLENGE

SOLUTION

WHAT IS ‘QUALITY’?

SCHOOL CLUSTERS

Without a localized support network, schools must tackle challenges, design curriculum, and train teachers on their own.

Groups of educators self-select into clusters to share best practices, collaborate on curriculum, and build standards of excellence to improve student outcomes.

LIMITED SUPPORT TO GUIDE INDIVIDUALIZED IMPROVEMENTS

PATHWAYS TO EXCELLENCE (P2E)

Schools have varying assets, strengths, and weaknesses, and so must chart their own path toward quality improvements, often with limited resources.

P2E offers a ‘north star’ to help schools assess their strengths across 31 domains and develop a step-bystep action plan to make targeted improvements to their schools, according to their unique needs.

LACK OF DATA TO INFORM DECISIONS

SCHOOL PROFILES

Few schools are equipped to collect and analyze data on topics and trends such as attendance or student performance.

When enrolling in Education Quality, schools are profiled to provide a baseline assessment of the quality of their schools, which allows Opportunity to track changes over time and identify regional trends.

OPPORTUNITY INTERNATIONAL | 18

SCHOOL CLUSTERS Clusters are small self-led networks (“Self-Improving School Systems”) of local private schools that work together to spark collaboration, share best practices, and provide professional support. Opportunity works through the cluster model to deliver trainings and resources to teachers and school leaders.

ABOUT OPPORTUNITY CLUSTERS Opportunity helps schools coordinate and organize into school clusters, which are made up of groups of 4-12 schools in close proximity to each other. The clusters identify and appoint their own leadership and gain a network of support where they can: •

Test and share classroom innovations

•

Improve teaching standards and curriculum

•

Develop effective strategies for teacher and parent engagement

•

Build an increased sense of professionalism within schools

Opportunity conducts regular trainings and professional development workshops for clusters throughout each school year to support schools' journeys toward improvement (see page 23).

BACKGROUND ON THE SELF-IMPROVING SCHOOL SYSTEM METHODOLOGY The Self-Improving School System model was designed by Dr. David Hargreaves, a world-renowned education specialist who has steered education policy-making at the highest levels in the U.K. and internationally. Dr. Hargreaves has gained wide support in the broader education community for his model and has served as an advisor to Opportunity's work.

Central to Hargreaves’ model is the establishment of local school clusters. This bottom-up approach empowers local educators to define and drive quality improvements for schools community-wide. While this approach is becoming a leading methodology for school improvement in developed nations, Opportunity is the first to adapt and pioneer the SelfImproving School System approach in a developing nation context.

WHY OPPORTUNITY CLUSTERS WORK One of the unique aspects of the school cluster model is that clusters take on lives of their own. Rather than paying for schools to participate, Opportunity’s school clusters tap into the natural incentive of school owners, administrators, and teachers to be better at what they do, and offers them a vehicle to achieve this. In addition to attending the meetings and trainings Opportunity conducts, school clusters organize their own meetings to cover more topics and share more best practices.

Clusters have also began to independently organize intra-school events, such as sports tournaments and joint examinations, to encourage greater community cohesion and engagement.

When schools work together at the right level, the results include joint practice development through teacher and mentor relationships, shared classroom innovations, mutual accountability, and an increased sense of professionalism among all educators within schools.

BY THE NUMBERS 808 Schools participating in school clusters

125 Clusters formed throughout five countries

202K Students benefiting from quality improvements

$6 Average cost per student impacted through the Education Quality program

CONSIGNING THE CANE TO HISTORY In many developing regions, teachers have relied on the cane to control their classrooms.

Though it has become more frowned upon, the practice remains widespread. School cluster meetings offer the opportunity for school teachers to address challenges like classroom behavior, and collaborate on solutions.

During a recent school cluster meeting in Ghana, one teacher mentioned he felt he had to rely on caning for controlling the behavior of some of his teenage students. Other teachers shared how they have addressed similar challenges in their own classrooms and offered advice.

After the meeting, the teacher used the advice and worked with his students to create Classroom Rules, which included using a "talking stick" for students who wish to share verbally during class. After a few weeks of putting all this into practice, he has not used a cane on any student. He was also excited to report that he has developed a better rapport with his students and they are now putting in more effort with their classwork, as they are more attentive and focused.

OPPORTUNITY INTERNATIONAL | 20

PATHWAYS TO EXCELLENCE Opportunity’s Pathways to Excellence (P2E) guide provides a framework to measure school quality improvements against 31 key domains via self-assessments and external assessments. The questions included in the Pathways to Excellence guide were informed by other industry-leading experts and designed in coordination with top educators from around the world.

The P2E guide is structured to highlight key areas for improvement for schools, and provide them with a road map to work toward those improvements. P2E is used to conduct two separate assessments (see Appendix B for sample): SCHOOL SELF-ASSESSMENT School owners self-evaluate their schools using P2E to internally benchmark where they think their school stands on the quality spectrum, and map out and prioritize areas for improvement, enabling educators to have full ownership of quality improvement priorities.

The final results (including results from the external assessment described below) are shared with Education Specialists and school owners, and used to pinpoint areas of need that are common throughout their communities. The school owner and the Education Specialist then work together to create a school development plan highlighting concrete steps to take to achieve the owner’s quality improvement goals.

Example focus areas for school improvements include: •

increasing the engagement of local communities and parents in their children’s education (see Figure 2)

•

implementing measurement tools to track student outcomes

•

identifying teacher skill level and skill-building opportunities

EXTERNAL ASSESSMENT In coordination with school owners, Opportunity researchers use P2E to conduct external assessments (using same questions from the selfassessment) to compare alongside each school’s self-assessment, providing an objective baseline. To compile the external assessment, researchers spend a full day with school owners to gather information via quantitative and qualitative methods, including focus groups with teachers and parents. Results are then compiled, compared, and used to idenity important areas for school development and improvement.

External assessments are repeated annually.

WHY IT WORKS Through P2E assessments, a school leader gains an in-depth X-ray of her school’s strengths and weaknesses, and one-on-one guidance to make systemic changes that ensure her school is an environment that supports, equips, and inspires teachers to drive educational innovations and improve student outcomes. P2E also produces unprecedented data and insights about effective strategies for engaging teachers, school operating performance, financial performance, and development needs, allowing Opportunity to create customized development programs for each school based on their needs.

BY THE NUMBERS 31 Domains used to help schools identify areas for improvement

26 Internationallyrenowned education experts advised on the development of P2E

8+ hours The amount of time a researcher spends gathering quantitative and qualitative data at a school to develop an external P2E assessment

FIG U R E 2

SNAPSHOT: HOW PATHWAYS TO EXCELLENCE WORKS P2E guides school development across 31 key domains, including teacher retention, learning environment, pupil achievement and learning, extracurricular provision, community engagement, child protection, and early child development.

Schools rate themselves within each domain on a scale of 1 to 5, and are provided with guidance and resources on how to transition to the next level within domains.

By providing an assessment of a school’s strengths and weaknesses, P2E equips educators with unprecedented data and resources that empower them to improve their schools, much faster and more effectively.

Below is a sample outline of one of the 31 domains, "Community Engagement," and brief descriptions of the guidance schools can use to transition between levels.

COMMUNITY ENGAGEMENT LEVEL 1

1-2 TRANSITION

Existing: The school's relationship with the community is institutional and hierarchical and the community is involved only at the periphery.

Focus: Interacting with the community.

Core Behaviors: Encourage the community (parents and businesses) to suggest ways of helping the school improve. Consider ways that parents can help children with their learning and in supporting children with special needs.

LEVEL 2

2-3 TRANSITION

Exploring: The school is demonstrating an explicit commitment to a community school strategy and is reaching out to the community.

Focus: Creating a consciously welcoming environment.

Core Behaviors: Help parents feel welcome in the school; discuss how learning can travel beyond school walls; celebrate community successes; invite help with healthy eating, emotional well-being, fundraising, etc.

LEVEL 3

3-4 TRANSITION

Emerging: A community school strategy is being developed and adopted by the school and community in partnership. The school now welcomes community involvement.

Focus: A systematic approach to community engagement.

Core Behaviors: Focus on quality interactions with the community; take the school to the community as well as bring the community to the school; look at ways of using the school to help the community, and vice-versa.

LEVEL 4

4-5 TRANSITION

Maturing: The school is functioning at the heart of the community on a foundation of trust, collaboration, care, and respect.

Focus: Sustainable community engagement which becomes recognized, regular, and valued.

Core Behaviors: Parents and teachers routinely exchange ideas about how to best help; local and social media used to showcase successes and events; businesses benefit from their relationship with the school, as well as add value; pupils help with community outreach projects.

LEVEL 5 Excelling: The school and community are organizing their resources around student success.

OPPORTUNITY INTERNATIONAL | 22

SCHOOL PROFILES After joining a local school cluster (prior to Pathways to Excellence assessments and school development planning), Opportunity’s Education Quality staff conduct a survey with the school owner to gather basic quantitative data and develop a school profile.

School profiles are designed to produce a highlevel, yet thorough, overview of a school's available resources and capacity. Using a tablet, an Education Specialist collects data on areas such as number of students who attend the school, number of teachers, gender breakdown of teachers and students, number

of classrooms, capacity of dormitories or teacher accommodations (if applicable), costs of school fees, the school's loan history, and in which cluster the school participates.

This survey is repeated annually, and provides data schools can use and share with local parents. The data from the surveys also offer standardized information for Opportunity to use to measure trends, identify areas in need of further investment within communities, and better support schools in their journeys toward quality improvement.

FIG U R E 1

SNAPSHOT: A YEAR IN AN OPPORTUNITY SCHOOL CLUSTER

MEET

LEARN

ASSESS

PLAN

MEET

LEARN

ASSESS

PLAN

INTRODUCTORY SEMINAR

SCHOOL LEADERSHIP PROFESSIONAL DEVELOPMENT

PATHWAYS TO EXCELLENCE ASSESSMENTS

SCHOOL DEVELOPMENT PLAN

Workshops for school leaders on managing and operating highquality schools (3 workshops per year).

School leaders complete selfassessments to internally benchmark how well they think their school performs, then Opportunity compares results to the external assessment to provide objective feedback on the school’s progress.

(1 self-assessment and 1 external assessment conducted per year)

Opportunity works with school leaders, teachers, and parents to discuss results from the P2E assessments, identify 2-3 areas for improvements, and create an actionable plan for school development and improvement. (plans are developed, updated, and revised annually)

School leaders are invited to learn more about Opportunity and how to join or form a local school cluster.

SCHOOL PROFILE Surveys are conducted with schools to gather data.

TEACHER/MENTOR PROFESSIONAL DEVELOPMENT

CLUSTER LEADERSHIP MEETING

Sessions for teachers from participating schools who work together to encourage mutual accountability (3-6 sessions per year).

Training for cluster leaders on how to support cluster development and the resources available for schools (2-3 per year).

OPPORTUNITY INTERNATIONAL | 23

“

My name is Esther, I’m 16 years old and I live in Uganda. When I was 8 years old I lost my Dad, and at 10, I lost my Mom. Because I don’t have any parents, I’m very aware of how important school is if I want to have a good future. At school, they teach us about what it takes to be a successful person. They teach us how to conduct ourselves both inside and outside. They teach us about careers that can lead to success.

I am fighting to get an education so I can provide for myself after I finish school.

When I grow up, I want to be a lawyer because I feel sad when someone innocent tries to defend themselves and they fail. I think I could manage to defend that person better than they could themselves. I feel like I have this courage deep inside me. I feel it. I could defend someone and win.”

OPPORTUNITY INTERNATIONAL | 24

5-YEAR VISION FOR GROWTH Today, Opportunity is at a critical inflection point – with catalytic capital and committed partners, we can accelerate our impact to reach 16.7 million children in 45 developing countries by 2022, unlocking limitless possibilities for their futures.

OPPORTUNITY INTERNATIONAL | 25

WHAT'S NEXT In 2015, the United Nations outlined 17 Sustainable Development Goals to achieve by 2030. Though ambitious, these goals illustrate the milestones the global community must meet to fulfill our moral imperative and to improve the human experience for everyone on the planet. Undoubtedly, one of the most important of these is Sustainable Development Goal #4: Ensure inclusive and quality education for all and promote lifelong learning.

EduFinance offers best-in-class solutions to help more of world’s poorest children gain a quality education through a model that is commercially sustainable, socially transformative, and scalable throughout the world.

Since 2012, Opportunity has leveraged $30 million in grant capital to invest a cumulative $110 million via education portfolios in developing communities, reaching more than 2.3 million children.

5-YEAR VISION FOR GROWTH Today, Opportunity is at a critical inflection point—with catalytic capital and committed partners, we can accelerate our impact to reach 16.7 million children in at least 45 developing countries by 2022, unlocking limitless possibilities for their futures.

WHERE WE ARE

WHERE WE CAN GO

HOW WE'LL GROW

2.3 MILLION CHILDREN benefiting from improved access to quality education

16.7 MILLION CHILDREN benefiting from improved access to quality education

16 COUNTRIES reached with EduFinance services

45 COUNTRIES reached with EduFinance services

1. SCALE EDUFINANCE LENDING by expanding technical assistance and launching an impact fund to grow lending to more financial institutions in developing regions.

26 FINANCIAL INSTITUTION partners providing EduFinance services

92 FINANCIAL INSTITUTION partners providing EduFinance loans

808 SCHOOLS participating in clusters

7,000 SCHOOLS participating in clusters

2. GROW AND IMPROVE EDUCATION QUALITY by expanding Education Specialist teams and rolling out P2E to improve more schools, faster and more effectively.

3. INCREASE KNOWLEDGE LEADERSHIP through rigorous research, development, and awareness-building to replicate Opportunity’s model throughout the world.

OPPORTUNITY INTERNATIONAL | 26

GOAL 1

SCALE EDUFINANCE LENDING Opportunity is working with dozens of financial institutions around the world to help them launch and grow education loan portfolios with Opportunity's School Improvement Loan and School Fee Loan as the core lending products. One of Opportunity's primary goals over the next few years is to scale EduFinance lending to more regions and financial institutions to ensure more parents and educators have the resources they need to increase access to quality education in developing regions. To scale EduFinance lending, Opportunity is focusing on two key strategies:

GROW THE EDUFINANCE TECHNICAL ASSISTANCE FACILITY (ETAF) ABOUT ETAF ETAF is Opportunity's expert technical assistance team that works with financial institutions to help them launch or grow sustainable education loan portfolios. ETAF assesses the specific needs of each financial institution and provides technical support in key areas: •

Market Research to evaluate the viability of education loans in the local market

•

Product Design to create financial products suitable to the specific, localized needs of parents and educators

•

Staff Training to support the internal capacity of financial institutions in conducting and managing sustainable education lending over time

•

Business Intelligence and Social Performance Mangement to track and monitor performance of education loans, minimizing risk, as well as social impact of education loans in local communities

•

Automated Credit Assessment Tools to expedite and improve the lending process

•

Education Quality to engage financial institutions in supporting the development of school clusters for their education clients

WHY ETAF IS IMPORTANT FOR SCALING EDUCATION LENDING Many financial institutions are hesitant to enter the commercial education finance sector due to lack of technical expertise and lack of understanding around risk, margins, and regulations. ETAF works fill the learning gap for financial institutions, smoothing the path for entry into the education finance market.

THE POTENTIAL With technical support from ETAF, financial institutions can more easily become successful participants in the commercial education finance market with minimal initial risk. This approach requires minimal staffing and infrastructure on behalf of Opportunity—ETAF works closely with financial institutions for an average of 6-9 months to train the bank staff and lay the groundwork to launch education portfolios, which are then

IMPACT BY 2022: 45 Countries reached

92 Financial institution partners

16M Students benefiting from School Improvement or School Fee loans

capably managed by financial institution staff, with light-touch business intelligence and monitoring support from Opportunity.

This approach enables local financial institutions to continue sustainably expanding their education loan portfolios to serve school owners and parents long-term.

LAUNCH THE EDUFINANCE IMPACT FUND ABOUT THE FUND The EduFinance Impact Fund (set to launch in 2018-2019) will provide debt financing to vetted, socially-focused financial institutions in developing markets with existing or planned education loan portfolios—many of which will be financial institutions that the ETAF team has worked with (or will work with). With access to on-lending capital, financial institutions will have more resources to launch or grow EduFinance lending portfolios, facilitating the rapid scale of EduFinance products around the world.

FIGURE 3

EDUFINANCE MARKET POTENTIAL A 2016 market analysis34 conducted by Opportunity found there is a $39 billion need in the education finance industry: $40

$30

WHY THE FUND IS IMPORTANT FOR SCALING EDUCATION LENDING The Fund will provide a vital, self-sustaining funding mechanism to help financial institutions expand their lending capacity to meet the demand for affordable capital available in their local markets.

On average, Opportunity’s partner financial institutions achieve 54% year-over-year growth in their education loan portfolios during the first three years. Through the Fund, Opportunity will reach significantly more financial institutions, which will reach exponentially more schools and parents, launching a ripple effect that will continue to grow year after year.

$20

$10

$18.5B Inactive Potential

$3B Existing Capacity

$17.5B Funding Gap

THE POTENTIAL The education finance sector holds the potential to be a $39 billion industry (see Figure 3). If we had the capital, an estimated $17.5 billion could be loaned right now to school owners and parents—representing significant active market potential and unmet demand that will not be fulfilled with philanthropic funding alone.

The Fund will be an innovative, first-of-its kind global investment fund focused on the down-market private education sector to help: •

meet unmet demand for education finance in developing communities, and

•

demonstrate the commercial viability of a debt fund for the affordable private education sector in developing communities, which will attract more private investors and funders to this space and increase access to education for countless more children.

$18.5B: INACTIVE POTENTIAL Potential growth of education finance market if school owners could receive training and financial institutions could receive technical assistance to launch their own education portfolios $3B: EXISTING CAPACITY

With extensive data and experience in designing high-impact financial solutions for emerging markets, Opportunity EduFinance is uniquely qualified and positioned to lead the movement toward global investment in the affordable private education sector, accelerating our progress toward securing quality education for all.

Amount that could be loaned if financial institutions allocated 5% of their existing portfolios to education loans $17.5B: FUNDING GAP Current, unmet demand for School Fee and School Improvement Loans in developing markets

GOAL 2

GROW AND IMPROVE EDUCATION QUALITY Opportunity is still early in its expansion of Education Quality services (which launched in 2015), yet more than 800 schools throughout five countries are already participating and are reporting positive results in areas such as improved student outcomes and teacher retention. Over the next few years, Opportunity aims to grow the Education Quality program by focusing on two key strategies:

EXPAND AND BUILD CAPACITY OF EDUCATION SPECIALIST TEAMS ABOUT EDUCATION SPECIALISTS Opportunity Education Specialist teams are made up of former teachers, school owners, and experts who have years (if not decades) of experience working in the education sector in their countries. In their roles, they facilitate the organization of clusters, run training sessions, and provide localized, face-to-face support and mentorship to help school leaders in their journeys toward quality improvement.

WHY EDUCATION SPECIALISTS ARE CRITICAL FOR IMPROVING EDUCATION QUALITY The Education Specialists develop trusted relationships and are invaluable partners to school leaders. Education Specialists provide personal support and expert advice on school development and improvement plans, resources for best practices, as well as help schools track and measure improvements over time—ensuring schools can meet their goals, remain sustainable, and provide the best possible education to their students.

THE POTENTIAL By working with a local Education Specialist, a school leader no longer has to operate in a silo. Her Education Specialist speaks her local dialect, understands her culture, and offers expertise she needs to address the educational challenges in her community. Education Specialists help school leaders feel more supported and encouraged and, because they are equipped with data from Opportunity’s assessment tools, they are able to provide school leaders with targeted insights to improve their schools in ways school leaders or teachers hadn’t thought of yet. School leaders supported by Education Specialists are also more likely to pay their Opportunity loans on time and in full (see Figure 4), improving the sustainability of the entire EduFinance model.

ROLL-OUT PATHWAYS TO EXCELLENCE PROGRESS IN LAUNCHING PATHWAYS TO EXCELLENCE Pathways to Excellence, Opportunity’s assessment tool for helping schools guide themselves toward quality improvement, offers a stepwise approach for affordable private schools to sustainably grow and improve without becoming over-indebted. Opportunity is conducting

IMPACT BY 2022: 20 Countries reached through Education Quality programs

7,000 Schools participating in clusters

1.75M Students benefiting from quality improvements

the first wave of Pathways to Excellence assessments with schools in early 2018, and aims to fully implement Pathways to Excellence with all schools participating in the Education Quality program over the next year.

WHY PATHWAYS TO EXCELLENCE IS CRITICAL FOR SYSTEMICALLY IMPROVING SCHOOLS As Opportunity gains more data and feedback from school clusters, Pathways to Excellence will become a go-to road map of tested and proven strategies for sustainably improving and growing schools in low-resource environments. Opportunity is also investing in powerful data analytics tools to synthesize insights and demonstrate proven methods for sustainable education quality improvements in low-income communities.

THE POTENTIAL When a teacher discovers a new method for teaching mathematics to rural students, or when a school finds that eliminating caning in classrooms improves student engagement and behavior, Opportunity is able to capture and share these small innovations, benefiting schools in both the public and private sector. The richness of data and information gathered from Pathways to Excellence will provide game-changing insights to accelerate quality improvements throughout the industry.

FIGURE 4

HOW EDUCATION SPECIALISTS DRIVE SUSTAINABLE IMPACT Over the years, Opportunity has tested and refined ways to improve school outcomes and has found that cultivating face-to-face relationships through local Education Specialists directly results in improved school performance.

School owners like Violate Matovu (left), owner of Jordan Crossers School in Uganda, feel more supported and encouraged, and the guidance from Education Specialists like Robinah (right) help provide insights to improve their schools in ways they hadn’t yet thought of. This also results in improved repayment rates for loans, as owners are able to grow their schools faster and more sustainably due to the support of an Education Specialist.

Recent findings in Ghana show that schools participating in the Education Quality program have helped reduce the financial institution’s default risk for School Improvement Loans, saving 4.8% of the portfolio value.

GOAL 3

INCREASE KNOWLEDGE LEADERSHIP For nearly ten years, Opportunity EduFinance has learned from and engaged with local communities, blending local expertise with industryleading strategies to design a dynamic, sustainable and scalable solution to the education crisis. Opportunity aims to share our deep knowledge of the needs of the private education sector and bring together diverse stakeholders throughout the industry to catalyze this work on a much larger scale. Strategies for sharing best practices include:

IMPROVE DATA GATHERING AND ANALYSIS ABOUT EDUFINANCE DATA GATHERING Opportunity captures data on a monthly basis from partner financial institutions and on a daily basis from Education Specialists. Data on the social and financial performance of EduFinance loans are compiled on a monthly dashboard, called the “EdPack.” Data from cluster meetings, training sessions, school profiles, Pathways to Excellence, and more are continually gathered and analyzed by the EduFinance team.

THE IMPORTANCE OF DATA Around the world, data drives effective decision-making, but almost no data exists on a meaningful scale for schools in developing communities. Few, if any, systemic data collection tools exist for this purpose, despite the fact that data can tell us how to get kids in school, keep them in school, and if they are learning the skills they need to success later in life. Opportunity is implementing significant efforts in this space to develop effective data collection tools that work in all environments, including areas without internet or access to technology.

THE POTENTIAL OF DATA-INFORMED SERVICES Enhanced data collection will improve social impact returns of EduFinance services. The data gathered are used to continuously evaluate the impact of Opportunity’s work, and identify areas for improving Opportunity’s products, services, and delivery channels.

By investing in dynamic data capture and analysis tools, like the EdPack, school profiles, and Pathways to Excellence, Opportunity aims to help schools understand and use their own data to improve educational outcomes. Opportunity is also using data to aggregate important trends and innovations that are driving country- or industry-level investment and shifts that will result in measurable improvements to the global education crisis.

CONDUCT RIGOROUS RESEARCH AND DEVELOPMENT ABOUT EDUFINANCE RESEARCH Opportunity continuously conducts various research studies to test the viability of the EduFinance model, assess outcomes, and identify areas in which EduFinance can deepen impact or improve outcomes.

TARGETS BY 2022:

10K+

Schools providing data via profiles and/or participation in P2E

3-4

At least 3-4 Impact Studies completed or underway to provide rigorous, objective assessments for refining the EduFinance model

2-5

Speaking engagements per year for EduFinance leadership to share learnings with the industry

THE IMPORTANCE OF A RIGOROUSLY-TESTED MODEL Precise, in-depth research offers an unbiased and thorough assessment of the effectiveness of EduFinance and its theory of change. Opportunity aims to conduct ongoing Impact Studies to measure and assess the degree to which EduFinance is making a difference, and uncover important insights to continue improving the EduFinance model.

THE POTENTIAL Results from research studies help Opportunity gain a better understanding behind important topics such as how a growing school creates jobs in its local community, or how girls dormitories affect girls’ educational outcomes. With concrete insights and proven results, Opportunity is able to demonstrate on an objective level the importance of investing in affordable private schools in developing countries, and share these learnings with the industry to scale our impact worldwide.

PUBLISH AND SHARE LEARNINGS WITH THE INDUSTRY

corporations and foundations working in technology, innovation, and economic development fields can help solve key remaining challenges and test innovations to move the education sector forward.

HOW EDUFINANCE SHARES LEARNINGS Opportunity EduFinance team members actively write editorials for news publications, speak on radio shows, and share learnings at industry conferences.

The EduFinance team also regularly publishes blog posts on the program's website, edufinance.org, which provide ongoing details about the program's learnings, expansion plans, and research results.

•

Financial institutions and other in-country organizations—To implement and ‘own’ solutions long-term, local, socially-motivated stakeholders can use their businesses to transform their communities.

•

Local governments, parents and public schools—Learnings and innovations developed within the cluster model can be shared with local government entities and public schools to collectively improve the quality of education and help local citizens advocate for change.

•

International non-governmental organizations—By publishing learnings and providing technical assistance, Opportunity will share its model with other organizations to implement and/or adapt in their focus regions and reach more students.

•

Social impact investors—By contributing to the EduFinance Impact Fund, social impact investors can utilize their capital to achieve wide-reaching social and financial returns.

THE IMPORTANCE OF SHARING BEST PRACTICES Opportunity is committed to expanding awareness of how affordable private schools is playing a significant role in solving the global education crisis. Through conferences, events, and publications, Opportunity actively brings together other industry stakeholders to share findings, discuss challenges, and collaborate on best ways to increase our collective impact on the lives of children around the world.

THE POTENTIAL OF SHARED SOLUTIONS Opportunity aims to influence strategy beyond our own organization and cultivate creative solutions that can be replicated by diverse stakeholders throughout the world. The global education crisis cannot be solved by one organization alone, which is why Opportunity is engaging: •

Corporations and Foundations—With a mix of grant funding and technical expertise,

By working together and pooling our resources and diverse skill sets, we can accelerate our progress in achieving universal, quality education for all.

OPPORTUNITY INTERNATIONAL | 32

THE IMPACT Opportunity EduFinance is committed to working as fast as possible—and will continue to until the right to receive a good education is secured for every child. By combining the power of financial solutions with industryleading quality improvement services, Opportunity is empowering school owners to sustainably grow and improve their affordable private schools, while providing parents with much-needed capital to ensure they can send all their children to school every year.

from which we reach more children than ever before; it can be the point from which we see the finish line in achieving universal access to quality education for this generation.

The Opportunity model offers a scalable solution that can—and must—be accelerated to ensure children of this generation have the chance to learn valuable skills and unlock their potential.

In the first scenario, called "Growth", EduFinance leverages a cumulative $36 million in grant capital over the next five years with an additional $100 million raised from investors, mobilized via the EduFinance Impact Fund. In this scenario, EduFinance focuses on aggressive expansion of its Technical Assistance services for financial institutions, as well as solid growth of Education Quality to new markets.

A bold vision requires bold goals. Given the right resources and partners, the Opportunity EduFinance team can rapidly mobilize to expand to new countries, as well as new regions within the 16 countries where EduFinance has an existing footprint. Given the strong year-over-year growth EduFinance has achieved to date, we know that today can be the inflection point

In Figures 5 and 6, included below and on the following page, Opportunity outlines the rapid and strategic expansion goals that Opportunity can achieve over the next five years given two funding scenarios.

In the second scenario, called "Vision", EduFinance leverages $52 million in grant capital, with an additional $200 million mobilized via the Impact Fund. The Vision

FIGURE 5

GROWTH SCENARIO: 2018-2022 TARGETS With $136 million in blended grant and debt capital 2017 (Base)

2018

2019

2020

2021

2022

Number of financial institutions providing EduFinance loans

17

40

62

72

82

92

Number of countries reached

13

19

30

35

40

45

Number of schools benefiting from Education Quality clusters

632

924

2,700

5,200

6,000

7,000

Cumulative number of children impacted

2.3M

3.5M

5.5M

8.7M

11.9M

16.7M

Grant capital raised

$4.4M

$5.0M

$7.5M

$8.8M

$10.2M

Debt capital mobilized via EduFinance Impact Fund

$30M

$60M

$100M

$100M

$100M

OPPORTUNITY INTERNATIONAL | 33

Regardless of each scenario, however, the legacy of every dollar raised for EduFinance is never-ending.

Even if EduFinance stops its operations tomorrow, more than 60,000 children will continue to gain access to quality education every year (see Figure 7).

scenario focuses on deeper investment within each market, reaching more financial institutions per country with technical assistance and investment capital, as well as rapid expansion of the Education Quality program to more markets, and more schools within each market.

FIGUR E 6

VISION SCENARIO: 2018-2022 TARGETS With $252 million in blended grant and debt capital 2017 (Base)

2018

2019

2020

2021

2022

Number of financial institutions providing EduFinance loans

17

40

62

72

92

112

Number of countries reached

13

19

30

35

40

45

Number of schools benefiting from Education Quality clusters

632

924

2,700

7,500

15,000

25,000

Cumulative number of children impacted

2.3M

3.5M

5.5M

9.4M

15.2M

23.2M

Grant capital raised

$4.4M

$5.0M

$8.7M

$13.7M

$20M

Debt capital mobilized via EduFinance Impact Fund

$30M

$60M

$100M

$150M

$200M

FIGURE 7

CUMULATIVE CHILD IMPACT: POTENTIAL FOR GROWTH

25M

PROGRESS TO DATE

WHAT WE CAN ACHIEVE

23.2M Vision Scenario

20M

16.7M Growth Scenario

15M

10M

2.6M

5M

2.3M

2012

2017

With no funding

2022

OPPORTUNITY INTERNATIONAL | 34

THE OPPORTUNITY DIFFERENCE Opportunity EduFinance offers a comprehensive approach that addresses challenges across the education sector at a lower cost and achieves greater impact than similar organizations.

OPPORTUNITY INTERNATIONAL | 35

OPPORTUNITY’S TRACK RECORD Opportunity believes that more children who can go to school today, the better tomorrow will be for all—which is why EduFinance’s solutions can be replicated almost anywhere in the developing world, for a low cost, and with educators who will continue to improve education in their communities for decades to come.

Opportunity’s model is the only systematic initiative that addresses the financing and capacity-building needs of private school owners, while also providing financing to parents in marginalized communities. This blended approach ensures parents can send all their children to school, even during times of financial uncertainty, and affordable private schools can sustainably reach more vulnerable children and youth, hire more teachers, and provide a good education to their students.

ACCOMPLISHMENTS TO DATE As of April 2018

2.3M

$114M

Children benefiting from improved access to education

Loaned to parents and school owners to improve access to education

16

5.4K

Countries reached through EduFinance and Education Quality outreach

School Improvement Loans provided to educators

808

180K

Schools participating in clusters

School Fee Loans provided to parents

290K

100K

New spots added in schools to accommodate more students

New jobs created in communities from school expansions

OPPORTUNITY INTERNATIONAL | 36

OPPORTUNITY’S RESULTS Opportunity is committed to measuring the impact of our work, and continuing to learn and refine our model to achieve the highest levels of social impact and sustainability. Recent studies demonstrate the real impact of Opportunity’s work:

SCHOOLS ARE GROWING AND IMPROVING •

Schools in Uganda served by Opportunity for at least three years have achieved, on average, 24% enrollment growth, 36% increase in teaching staff, and an increase in income of 63%. Additionally, •

39% of schools used Opportunity loans to construct additional classrooms

•

9% invested in WASH facilities—a proven method for keeping girls in school longer, and all students much healthier

•

25% invested their loans in school vans, dormitory beds, and teacher salaries

•

24% purchased land, built dorms or kitchens, purchased cooking stoves or added new technology, such as computers

•

In Ghana, schools that received loans from Opportunity experienced on average 19% enrollment growth and 20% more teachers. The schools also achieved 23% higher marks on the government-advised Ghana Education System quality indicators, meaning the schools are providing students with a better quality education after receiving financing from Opportunity.

•

99% of EduFinance loans are repaid to financial institutions supported by Opportunity’s Education Technical Assistance Facility (ETAF). Additionally, in 2015, the average ETAF-supported financial institution grew its EduFinance customer base by 64%, rapidly accelerating access to finance for educators and parents in marginalized communities.

EduFinance’s proven approach empowers school owners to provide more children with a better education, while creating lasting jobs in their local communities.

STUDENTS ARE LEARNING MORE, ESPECIALLY GIRLS In 2016, Opportunity conducted an independent evaluation to measure the impact of its services on schools in Uganda. Results demonstrate: •

Students at schools that benefited from a School Improvement Loan increased literacy by 17 words per minute over a control group.

•

Enrollment of girls in secondary school increased 17% against control schools.

OPPORTUNITY INTERNATIONAL | 37

“

My name is Shadia and I am 15 years old. The new bus my school got picks me up and drops me home every day. Before, I walked to school, which would take me an hour. When it rained, our books, shoes, uniforms and bags would get wet.

Sometimes we missed school if it was raining, as the roads would be too slippery to walk. When I heard there was a bus coming, I was so excited. I appreciate the bus because now I can get to school early, and I get back home early, so I have time to read my books before it gets dark, then I do other work for my family and rest.

The research also looked at the impact of Opportunity’s financial education on girls with encouraging results: •

98.6% of girls reported increased confidence in financial planning and budgeting.

•

72.4% of girls have taken up social enterprise projects. Most of the girls have identified school and community challenges related to hygiene and sanitation, lack of balanced diet, and others.

•

92.8% began saving money formally and 89.6% of those keep a record on their savings cards.

MORE TEACHERS AND JOBS ARE ADDED IN COMMUNITIES Through a survey of 94 Opportunity-supported schools in Uganda, new jobs were created by School Improvement Loans in 80% of all schools surveyed, averaging 3.9 new full time positions per school. One school added 19 new jobs as a result of the loan and the growth the school was able to achieve.

Schools hired more teachers (averaging 2 new teachers per loan), as well as other support staff, including cleaners, food workers, nurses, and administrative staff.

Additionally, 95% of the schools hired construction workers to complete improvements on their schools. School owners reported to have hired an average of 7.4 construction workers with their most recent loan, with the construction jobs lasting an average of 2.3 months.

OPPORTUNITY INTERNATIONAL | 38

PARTNERSHIPS AND ENDORSEMENTS 2016 CIVIL SOCIETY ACHIEVEMENT HONOR Opportunity Bank of Uganda earned the acclaimed Civil Society Achievement Honor at the Children and Youth Finance International Global Inclusion Awards of 2016, held in Stockholm, Sweden. The award highlighted Opportunity’s Girls’ Education Challenge project, which has fostered greater equality and financial empowerment through education.

The Civil Society Achievement Award showcased Opportunity’s commitment to championing innovative programs in Uganda to achieve greater equality and financial empowerment for girls through education.

The judges of the award summarized their thoughts on Opportunity’s submission:

“

The Girls’ Education Challenge project is innovative in that it’s pushing the boundaries of education finance in Uganda, demonstrating how a sustainable, market-driven approach can meet the particular educational needs of marginalized girls.

The increased portfolio scale achieved through the project has supported product-level sustainability, which will carry on well beyond the life of the project.”

2016 EUROPEAN MICROFINANCE AWARD FINALIST Opportunity Bank of Uganda was also among three finalists for the 2016 European Microfinance Award for its Education Finance Services.

MAJOR EDUFINANCE PARTNERS Opportunity received a grant to develop a flexible semi-automated credit model from the Bill & Melinda Gates Foundation. The credit model will allow Opportunity’s current banking partners, as well as other financial institutions, to implement and scale education finance products that meet the unique needs of families and school administrators in low-income communities.

UBS Optimus Foundation is partnering with Opportunity to expand Education Quality in Ghana and provide resources to rigorously evaluate the program’s impact on child-level outcomes.

Credit Suisse, one EduFinance's first corporate partners, is helping to grow and build the capacity of the ETAF team to effectively replicate the EduFinance model with new partners in new regions throughout Africa.

Additional Opportunity partners include the United Kingdom's Department for International Development, Mastercard Foundation, and Caterpillar Foundation.

OPPORTUNITY INTERNATIONAL | 39

MONITORING, EVALUATION, RESEARCH, AND LEARNING Opportunity International strives to design and deliver best-in-class solutions for our clients around the world, while balancing rigorous accountability and transparency through our monitoring, evaluation, research, and learning process.

MONITORING AND EVALUATION Opportunity’s Program Management team closely tracks the progress and performance of all of Opportunity’s projects and programs, and offers comprehensive oversight in measuring program indicators and tracking expenses. They work closely with Opportunity’s field staff around the world to gather data and information on a regular basis and develop reports.

For EduFinance, Opportunity’s monitoring is based on cost-effective methodologies that can be readily incorporated into routine reporting by our financial institution partners. EduFinance data from financial institutions are gathered via Opportunity’s “EdPack,” which is a business intelligence dashboard that is used to create and share knowledge for use by portfolio managers, partner financial institutions, and the EduFinance team. The data are used to refine and optimize products that directly meet the needs of clients and improve product performance for long-term viability.

Data are also collected from schools via School Profiles and Pathways to Excellence assessments, which are captured digitally via tablets and used to analyze trends and performances of schools. The data provide significant insights on how schools are improving on regional, country, and global levels, and substantially contribute to Opportunity’s learning agenda.

RESEARCH AND LEARNING Opportunity also conducts in-depth, rigorous research to support the continuous improvement of Opportunity’s work and our contributions to global knowledge. Research and learning activities are conducted by Opportunity’s Knowledge Management team, led by Dr. Genzo Yamamoto, who has extensive experience in conducting large-scale research studies in developing countries.

Through the EdPack, Opportunity has collected 10 million data points, providing valuable insights for improving education lending

Research studies are implemented alongside program operations and often compared to control groups to evaluate how Opportunity’s interventions are directly supporting school and student improvements over time.

Learnings from these studies offer insights on how to further improve Opportunity’s model, and provide valuable data and lessons to share with the international development community.

OPPORTUNITY INTERNATIONAL | 40

JOIN US! In 2007, Opportunity set out to design a localized, finance-based approach to combat one of the biggest challenges for parents living in poverty: giving their children the education they deserve. Opportunity knew, after decades of serving mothers and fathers living in developing communities, that this was one of their greatest desires, as well as one of their biggest regrets when they had to watch their children grow up without the opportunity to go to school. Parents all around the world, regardless of income level or nationality, know that a good education is their child’s greatest tool for success in life, yet millions of families live in regions where there are no nearby schools, or only poor quality schools, resulting in a global education gap that perpetuates poverty and inequality, generation after generation.

From 2007 to 2012, Opportunity got to work on designing a program that empowers local parents and educators to make the changes they wish to see in their communities—such as schools that offer smaller class sizes and dormitories for rural students; schools with computers so children could learn in-demand skills; and schools with gender-separated bathrooms and trained teachers to help engage and encourage girls to stay in school. By driving these changes, parents can ensure their own children will gain a good education, even in some of the most challenging environments.

After testing and refining the School Improvement Loan and School Fee Loan, Opportunity launched the products in select markets in Africa, quickly gaining traction with local communities. Since 2012, Opportunity’s EduFinance portfolio has continued to rapidly expand, and today more than $110 million has been loaned to parents and educators, impacting 2.3 million children.

This work would not have been possible without Opportunity’s committed partners, advocates, and friends. EduFinance supporters around the world have helped raise $30 million for EduFinance since 2012. Thank you for contributing to this critically important initiative, and unlocking possibilities for millions of children to build more hopeful and productive futures.

Opportunity’s work is far from done. Moving forward, we humbly ask for your advocacy, partnership, and support to help quickly expand EduFinance and Education Quality to new markets, opening up the possibilities for millions more children to gain access to a quality education. If the past five years have shown us that this work is possible, then our hope for the next five years is to show us that we can, as a global community, solve the education crisis within a generation.

THANK YOU A special thank you to the EduFinance Campaign committee members and supporters, whose initial investment in this work has helped change the lives of 2.3 million children: Janelle Lassonde Jannalee Anderson Warren Beach Jacqueline Jenson Benton Ken and Judy Betz Erika Coetzer Gayla Compton Gretchen Davis Imago Dei Kristin Doyle Jim Fehrle Tom Formolo Mary Fox David Franke Katherine Haley Jim and Nicola Hemerling Dan and Lynn Hollerich Beth Johnson Charley Kurtz Becky Linsz Chris Manno Cindy Marks Harry Mueller Clay Pace Mark and Cora Passis Dale Patterson Liesel Pritzker Simmons Irene Pritzker Mollie Raih Marshall Reavis Bill Reichardt William and Stacey Ryan Bruce Smith Jill Dailey Smith Johnathan Snow Mary Lynn Staley Ann and Bill Stout Mark Tausher

OPPORTUNITY INTERNATIONAL | 41

OPPORTUNITY INTERNATIONAL | 42

APPENDIX A

EDUFINANCE PARTNERS AFLATOUN

TEACH A MAN TO FISH / FUNDACION PARAGUAYA

In collaboration with a leading global educational organization Aflatoun, Opportunity provides youth financial education in select private schools. Aflatoun’s curriculum provides students with training on basic financial and enterprise-related themes. Aflatoun's training program addresses the critical issue of educational relevance to a student's future employment. https://www.aflatoun.org/

Opportunity has engaged with Teach a Man to Fish (and their local partner Fundacion Paraguaya) in Uganda and to launch the School Enterprise Challenge in Tanzania with 40 schools in 2017. The challenge focuses on the development of entrepreneurship skills of students transitioning across traditionally high-dropout grades in primary and secondary education. Teach a Man to Fish is a school enterprise planning and training initiative that disseminates good practice via a network of professionals in 132 countries. https://teachamantofish.org.uk/

AKADEMIE DEUTSCHER GENOSSENSCHAFTEN (ADG) As part of EduFinance’s ETAF modules, trainings are conducted for new partner FIs and refresher trainings for existing partners in partnership with ADG, a German training consultancy that specializes in this field. https:// www.adgonline.de/adg_online/ LINK COMMUNITY DEVELOPMENT Link works in sub-Saharan Africa with government schools and ministries to improve the quality of education. Link is working with EduFinance as a partner in Opportunity’s Girls’ Education Challenge Project in Uganda, which is reaching almost 30,000 girls.

Link provides technical assistance to the Education Quality team to align Pathways to Excellence with Uganda’s national government standards, helping ensure affordable private schools meet the national requirements for quality education. http://www. lcdinternational.org MICROSAVE MicroSave, a well-known international financial inclusion consulting firm, works with the ETAF team to conduct market research before new partner FIs develop EduFinance products. http://www.microsave.net

VARIOUS ADVISORS TO EDUFINANCE WORK Opportunity contacted 25 institutions and individuals to complete domain-specific framework and strategy development for approaching schools in the 30 areas of educational improvement identified through our Pathways to Excellence framework. Through the development of the Pathways to Excellence content, our Education Specialists now have the tools in hand to work with schools in identifying their core needs, including infrastructure development, material acquisition, and curricular improvement.

Opportunity has engaged Insight Consulting, Neogenics Education and Wellspring Foundation for Education to facilitate School Leadership Professional Development trainings in Africa. This is having the two-fold benefit of allowing us to professionalize and systematize a global approach to school leadership training delivery, while lowering the long-term cost of delivery in local markets once we have a core of effectively localized content for given markets.

SABRE CHARITABLE TRUST Sabre specializes in Early Child Education (ECE) in Ghana and is working to improve teaching standards in kindergarten. Sabre has a long-term relationship with the Ghana Education Service, but also offers support to affordable private schools. Sabre is partnering with EduFinance in providing ECE training to Education Specialists, teachers, and school leaders. Sabre’s support has recently extended beyond Ghana—their training materials have been adapted for EduFinance’s school leadership training in East Africa, and Sabre is offering remote coaching support to ECE Education Specialists in Uganda, Rwanda, and Tanzania. http://sabretrust.org OPPORTUNITY INTERNATIONAL | 43

APPENDIX B

PATHWAYS TO EXCELLENCE SAMPLE DATA DASHBOARD

OPPORTUNITY INTERNATIONAL | 44

ENDNOTES Uganda Bureau of Statistics, 2017. Demographic and Health Survey 2016: Key Indicators Report. http://www.ubos.org/onlinefiles/uploads/ubos/ pdf%20documents/Uganda_DHS_2016_KIR.pdf

14 Cutler, D. M. and Lleras-Muney, A., 2006. Education and Health: Evaluating Theories and Evidence.

National Bureau of Economic Research. http://www. nber.org/papers/w12352.pdf

2 Education Policy and Data Center, 2014. Uganda National Education Profile: 2014 Update. https:// www.epdc.org/sites/default/files/documents/ EPDC%20NEP_Uganda.pdf

15 Basic Education Coalition, 2013. Teach a Child, Transform a Nation. https://www.basiced.org/wpcontent/uploads/Publication_Library/BEC-Teach_a_ Child-2013.pdf

3 World Bank Group, 2018. Learning to Realize Education's Promise. http://www.worldbank.org/en/ publication/wdr2018

16 USAID, 2015. Let Girls Learn. USAID Fact Sheet. https://www.usaid.gov/sites/default/files/ documents/1865/Fact_Sheet_Let_Girls_Learn.pdf

4 UNESCO, 2017. More than One-Half of Children and Adolescents Are Not Learning Worldwide. http://uis.unesco.org/sites/default/files/documents/ fs46-more-than-half-children-not-learning-en-2017. pdf

17 Global Partnership for Education, 2014. 250 Million Reasons to Invest in Education: The Case for Investment. http://www.globalpartnership.org/ content/250-million-reasons-invest-education-caseinvestment

5 Ibid

18 UNESCO, 2014. Sustainable Development Begins with Education: How Education can Contribute to the Proposed Post-2015 Goals. Global Monitoring Report. http://unesdoc.unesco.org/ images/0023/002305/230508e.pdf

1

6 Ibid 7

World Bank Group, 2018. Learning to Realize Education's Promise. http://www.worldbank.org/en/ publication/wdr2018

8 The Africa-America Institute, 2015. State of Education in Africa Report 2015: A Report Card on the Progress, Opportunities and Challenges Confronting the African Education Sector. http:// www.aaionline.org/wp-content/uploads/2015/09/ AAI-SOE-report-2015-final.pdf 9 World Bank Group, 2018. Learning to Realize Education's Promise. http://www.worldbank.org/en/ publication/wdr2018 10 Ibid 11 Ibid 12 UNESCO, 2017. More than One-Half of Children and Adolescents Are Not Learning Worldwide. http://uis. unesco.org/sites/default/files/documents/fs46-morethan-half-children-not-learning-en-2017.pdf 13 Herz, B. and Sperling, G.B., 2004. What Works in Girls’ Education: Evidence and Policies from the Developing World. Council on Foreign Relations. http://www.ungei.org/resources/files/councilforaff_ Girls_Education_full.pdf

19 UNESCO, 2013. Education Transforms Lives. http://unesdoc.unesco.org/ images/0022/002231/223115E.pdf 20 Ibid 21 Ibid 22 Ibid 23 Ibid 24 The World Bank, 2011. Learning for All: Investing in People’s Knowledge and Skills to Promote Development. World Bank Group Education Strategy 2020. http://siteresources.worldbank. org/EDUCATION/Resources/ESSU/4632921306181142935/WB_ES_ExectiveSummary_FINAL. pdf 25 UNESCO, 2015. Education for All 2000-2015: Achievements and Challenges. Education for All Global Monitoring Report. http://unesdoc.unesco. org/images/0023/002322/232205e.pdf 26 Bernstein, Ann, 2010. Hidden Assets: South Africa’s Low-Fee Private Schools. Centre for Development OPPORTUNITY INTERNATIONAL | 45

and Enterprise. http://dspace.africaportal.org/ jspui/bitstream/123456789/29540/1/Hidden%20 Assests%20-%20South%20Africas%20Low-Fee%20 Private%20Schools.pdf?1 27 UNESCO, 2015. Education for All 2000-2015: Achievements and Challenges. Education for All Global Monitoring Report. http://unesdoc.unesco. org/images/0023/002322/232205e.pdf 28 Ibid 29 Mcloughlin, C., 2013. Low-cost Private Schools: Evidence, Approaches and Emerging Issues. EPS PEAKS. http://www.enterprise-development.org/wpcontent/uploads/Low-cost_private_schools.pdf 30 UNESCO. 2015. Education for All 2000-2015: Achievements and Challenges. Education for All Global Monitoring Report. http://unesdoc.unesco. org/images/0023/002322/232205e.pdf 31 Bernstein, Ann., 2010. Hidden Assets: South Africa’s Low-Fee Private Schools. Centre for Development and Enterprise. http://dspace.africaportal.org/ jspui/bitstream/123456789/29540/1/Hidden%20 Assests%20-%20South%20Africas%20Low-Fee%20 Private%20Schools.pdf?1 32 UNESCO, 2016. Leaving No One Behind: How Far on the Way to Universal Primary and Secondary Education? https://en.unesco.org/gem-report/ leaving-no-one-behind-how-far-way-universalprimary-and-secondary-education 33 UNESCO, 2015. Education for All 2000-2015: Achievements and Challenges. Education for All Global Monitoring Report. http://unesdoc.unesco. org/images/0023/002322/232205e.pdf 34 Figures are based on a 2016 Opportunity analysis of 33 target markets in Asia, Latin America and Africa.

Sources include: MIX market, UNESCO, and various media reports

OPPORTUNITY INTERNATIONAL | 46

This document was produced by Opportunity International with the greatest of care and to the best of its knowledge and belief. However, Opportunity International provides no guarantee with regard to its content and completeness and does not accept any liability for losses which might arise from making use of this information. The projections and opinions expressed in this document are those of Opportunity International at the time of writing and are subject to change at any time without notice. If nothing is indicated to the contrary, all figures are unaudited and not guaranteed. All content is intended for informational purposes only and all information is provided without warranties of any kind, either expressed or implied, notably but not limited to warranties of merchantability and fitness for a particular purpose. The recipient of this material must make his/her own assessment about the accuracy, completeness, and usefulness of an information provided herein.

Unless otherwise stated, all information, opinions and any other content contained in this publication are the exclusive property of Opportunity International and/or its related parties and may not be copied, amended or distributed, in whole or in part, without the express written consent.

Copyright Š 2018 Opportunity International. All rights reserved. 05232018

Visit us at edufinance.org Learn about Opportunity’s global work at opportunity.org ©2018 Opportunity International. Opportunity International’s Education Finance program operates under its US and UK affiliates. Opportunity International United States is a 501(c)(3) non-profit, and Opportunity International United Kingdom is a registered charity in England and Wales (1107713), and in Scotland (SCO39692). Opportunity International serves all people regardless of race, religion, ethnicity, or gender.

OPPORTUNITY INTERNATIONAL | 48