On April 12, 2019, Commissioner for International Cooperation and Development Neven Mimica and Director-General Stefano Manservisi attended the High-Level Event on the International Financing Facility for Education (IFFEd) at the World Bank/IMF Spring meetings.
IFFEd is a bold plan to generate $10 billion in new and additional resources for education in lower middle income countries committed to mobilising domestic resources and reforming education systems for better results. These countries are home to 700 million school aged children of which 155 million are currently out of school. For every $1 of aid money in cash, the Facility would unlock $4 of new resources for education.
The EU will provide €6.5 million to help kick-start the initiative and hopes that other donors will follow suit.