29350 - Braeburn

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Summary of Proposed Investment

Project Number

29350

Company Name

BRAEBURN SCHOOL LIMITED

Date SPI Disclosed

Apr 26, 2010

Country

Kenya

Industry

Health, Education and Life Sciences

Projected Board Date

May 27, 2010

Status

Completed

Sector

Elementary and Secondary Schools

Department

Regional Industry - MAS Africa

Environmental Category

B - Limited

Previous Events

Approved : Jun 21, 2010
Signed : Dec 16, 2010
Invested : Oct 7, 2011

Project Description

Expansion of Braeburn Schools, a for-profit provider of day and boarding K-12 educational services in Kenya and Tanzania. The expansion comprises (i) the construction of a Sixth Form College at Braeburn Gitanga Rd, Nairobi; (ii) the construction of a Sixth Form College and facility improvements at Braeside Nairobi (iii) facility improvements and the construction of boarding facilities at Braeburn Arusha; and (iv) the establishment of Braeburn Mombasa or a similar K-12 school in Kenya or Tanzania (the “Project”).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	6.0
Equity

Development Impact

The Project will increase availability of high quality education in Kenya and Tanzania. Through the introduction of Braeside Sixth Form College, it will make a contribution to broadening the course availability of technical and vocational training, which is limited in Kenya. The Company's continued emphasis placed on teacher training and professional staff development, including the partnership with Kenyatta University on specially designed B.Phil.Ed and M.Phil.Ed courses, will help to increase the availability of high qualified teaching staff in Kenya and Tanzania. The project will create both direct and indirect job opportunities, particularly as management expects to use local staff and local materials in Braeburn's in-house workshops in fitting out new schools. Finally, as Braeburn continues to improve quality standards and works to obtain international accreditation, it can serve as an example to other private education institutions in East Africa.

IFC will provide long-term and extended grace period financing which the sponsor is not able to source locally. IFC will share its global education expertise and provide technical advice in areas such as energy efficiency and "greening" the design of new buildings. IFC's involvement is likely to result in assistance on issues such as corporate governance improvements, which will help to secure the long term future and sustainability of the Company.

The proposed extension projects will have limited impacts on the surrounding urban environment of Nairobi and Arusha. The EIA Studies for the Nairobi projects have identified and assessed the potential environmental impacts during the construction and operation phases of the project and, have, to the extent possible, incorporated them into the project design. The same process will be followed for the Arusha and Mombasa projects. The identified environmental and social impacts are generally site-specific and temporary and none are regarded to be significant. Those impacts can be avoided or mitigated by adhering to generally recognized performance standards, procedures, guidelines or design criteria. Thus, this is a Category B project according to IFC’s Environmental and Social Review Procedures.

Contacts

For Inquiries About the Project, Contact

Mr Terry Childs, CEO Braeburn Limited Gitanga Road, Lavington PO Box 45112 0100 Nairobi Kenya www.braeburn.com

For Inquiries and Comments About IFC, Contact

General IFC Inquiries IFC Corporate Relations 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384E Mail: Webmaster

Local Access of Project Documentation

Mr Terry Childs, CEO Braeburn Limited Gitanga Road, Lavington PO Box 45112 0100 Nairobi Kenya

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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