“Whistleblower: The World Bank Helped Cover Up Child Sex Abuse at a Chain of For-Profit Schools It Funded”, The Intercept, October 17, 2023:
“FOR SHANNON MAY and her husband Jay Kimmelman, the conference call scheduled with the World Bank on September 12, 2020, was make or break. It had been just over 10 years since the Harvard graduates had launched Bridge International Academies, a chain of for-profit schools that had exploded in Africa and South Asia. With the backing of Silicon Valley’s elite and the support of international financial institutions like the World Bank, the founders were now in negotiations to raise fresh capital that would allow them to move into several new countries.
Rapid expansion was essential to the company’s business model. Bridge had figured out a way to slash the biggest cost drivers of a school budget — teachers’ salaries and traditional school houses — but the business was a low-margin enterprise that couldn’t slow down.
The company was aiming for 10 million pupils, and it wasn’t as unreachable as it sounded: Bridge had already taught more than 1 million kids, backed by the for-profit investment arms of some of the world’s most famous philanthropists, including Bill Gates and eBay and Intercept founder Pierre Omidyar. The Chan Zuckerberg Initiative provided Bridge with $10 million in seed funding; its previous round of financing, the so-called Series E, which closed in 2017…..”
Read the full article at Theintercept.com
