RSE Covid Mauricio Ser 2020 (IFC-44072)

  • Brazil
Geographic location where the impacts of the investment may be experienced.
Specific Location
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Feb 4, 2021
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 24, 2022

Disclosed by Bank Feb 17, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The proposed investment consists of an up to USD 40 million (up to BRL 200 million) A loan to Ser Educacional S.A. (“Ser” or the “Company”) and its subsidiaries, one of the largest private tertiary education providers in Brazil by enrolment with c. 218k students. Headquartered in Recife, Pernambuco, Ser is the leader in the North and Northeast regions and has been expanding to all Brazilian regions through a mix of organic and inorganic growth strategy. The Company is focused on quality affordable education to students from classes B-/ C/ D and E who are enrolled in one of Ser’s 61 campuses and 447 distance learning (“DL”) centers scattered across all 26 Brazilian states. The proceeds of IFC investment will be used to support Ser in its direct and indirect response to the effects of COVID-19. The proposed investment will support the Company’s digital platforms upgrades and product portfolio development to help navigate this crisis, strengthen the education model and allow for the incorporation of new students, acquired via mergers and acquisitions, into its academic platform. The COVID-19 pandemic and lockdown situation have exposed the vulnerability of subscale universities lacking a strong, digital footprint and professional management who decided to sell their operations to more prepared players such as Ser. The Project supports these acquisitions as a mean to reach new students and ensure continuity and upgrade of their learning experience at an affordable tuition (the “Project”).This project is linked to Mauricio Equity - Project 33578 -

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

The Project helps ensure continued provision of quality education to low income students in frontier regions. By supporting consolidation, the Project contributes to the professionalization and digital transformation of the sector, increasing resilience to future crises. IFC will track students reached and capacity in affected markets.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.


International Finance Corporation
2121 Pennsylvania Avenue, NW Washington,
DC 20433 USA
  +1 (202) 473-1000


Pierre Mejlak
Acting Manager
  +1 (202) 458-2278

Fredrica Mayer
Media Inquiries
  +1 (202) 473-1146


You can submit a request for information disclosure at:

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly,  you can submit a complaint at the link above to IFC’s Access to Information Policy Advisor, who reports directly to IFC’s Executive Vice President. 


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at  You can learn more about the CAO and how to file a complaint at

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