432 schools and 800,000 students in 18 years
Borsa İstanbul Schools that started being built in 1998 are among the most important investments in Turkish education.
The “Physical Contribution to National Education Project” (PCNEP) that started in 1997 for the construction of 46 schools with the support of İMKB (Istanbul Stock Exchange) Education Fund on a TL 32 million budget, has today become a giant project with 432 schools. The project aims at speeding up the construction of schools especially in East and South East of Turkey and strengthening the education system. Within this context, Borsa İstanbul has been the initiator for improvement of education in many cities and for more students to benefit from this opportunity by financing the construction of these schools with its own equity capital. With the project, university faculty buildings, administrative buildings, social facilities, public education centers, primary schools, high schools, apprenticeship schools, boarding schools, vocational schools, dormitories, public housing, sports and arts centers were offered for students.
Among the goals of investments for education institutions in the cities that do not have sufficient means was to provide equal opportunity for education. Increasing the level and quality of education in Turkey in general and spreading awareness for education were aimed. One other contribution of the project has been the opportunities provided for the people who want to take up a profession. During summer time and at the weekends when common education does not take place, trainings and handcraft workshops were organized in these schools. Thus, adults who graduated from these workshops were provided with the opportunity to go in business life.
SCHOOLS WERE FINANCED ENTIRELY ON EQUITY CAPITAL
In the beginning, a TL 32 million fund from Borsa İstanbul’s accumulated resources was allocated for this project. Called Borsa İstanbul’s Contribution to Education Fund, the fund is managed by Borsa İstanbul, and the proceeds that accumulate in the Fund are also used for the project. Since 1997, 432 education institutions of 53 different types have been built and no additional resource transfer has been made during this procedure. The project is run entirely on Borsa İstanbul’s equity capital, and a total amount of TL 1.5 billion has been spent. The first protocol of the project was signed in 1998, and since then, approximately 800 thousand students in 80 cities and 277 districts have been provided with education opportunity so far.