The World Bank’s International Finance Corporation (IFC) has quietly divested from New Globe Schools, better known as Bridge International Academies (BIA), a for-profit school chain operating in four African countries and India. The IFC has invested $13.5 million in BIA since 2014, with the intention of supporting the company’s expansion to other countries.

The World Bank’s Compliance Advisor Ombudsman (CAO) announced today that it will launch a formal investigation into investments made by the International Finance Corporation (IFC) in for-profit multinational school chain Bridge International Academies.

The World Bank shouldn’t forget its goals to “end poverty and boost shared prosperity” as it increasingly relies on the private sector to finance development, Oxfam warned at the start of the institution’s Spring Meetings.