The FINANCIAL -- IFC, a member of the World Bank Group, approved a $30 million loan to Pontificia Universidad Javerania, one of the leading universities in Colombia, to support its expansion as a center of academic excellence with a strong focus on research and development.
The financing will serve to upgrade and expand the university’s infrastructure to support its research and development initiatives through new labs, according to IFC.
The loan will fund the construction of new facilities in the university’s main campus in Bogota for its engineering and medical studies faculties, among others. This new partnership between Universidad Javeriana and IFC will also allow the university to leverage IFC’s vast experience working with the education sector globally.
IFC has invested more than $1.5 billion in educations projects worldwide in the last 15 years to promote the objectives of improving access to education, reducing costs and helping students have the necessary skills for the labor market.
“This partnership with Universiad Javeriana will help to promote access to quality education in Colombia and we hope that it will help the university to continue to grow as one of the best academic centers in the country,” said Carlos Leiria Pinto, head of the Andean Region for IFC. “This loan indicates that our commitment to supporting Colombia’s sustainable development continues to grow”,” he said.
IFC, through its advisory services, will also help Universidad Javeriana implement energy efficiency measures so it can comply with some of the best practices globally in this area. The university will also be able to leverage the large network of educational institutions that IFC works with to boost access to affordable and quality education.
Elena Sterlin, senior manager at IFC’s Manufacturing, Agribusiness and Services department, highlighted the university’s strong track record in preparing its students for the labor market as 84% of its university graduates are employed less than six months after graduation.
“IFC seeks to support institutions that promote access to quality education at affordable costs and which prepare students for the labor market and Universidad Javeriana is a great partner in this task,” said Sterlin. “Universidad Javeriana is working to promote sustainable development in Colombia and we are very pleased to be partnering with them,” Sterlin said.
IFC is the largest multilateral investor in private education in emerging markets. Over the past 15 years, IFC has invested $1.5 billion in more than 110 education projects taking place in 39 countries. IFC’s role in education in Latin America and the Caribbean is focused on supporting institutions with sufficient scale to deliver high-quality and affordable education.
The loan to Universidad Javeriana represents the most recent investment by IFC in Colombia, which in its last fiscal year reached more $930 million, a figure that figure includes mobilizations from other investors. These investments seek to promote the sustainable development of the private sector to generate benefits for the country the creation of jobs, promoting social inclusion and combating climate change.