IDB Invest Promotes the Construction of 15 Primary Schools and 27 Early Education Centers in Uruguay
IDB Invest will provide a long-term loan of up to $17 million with a 22-year tenor under the modality of public-private associations (PPPs) to CIEU S.A, which will help develop an educational infrastructure program of the government of Uruguay through the National Administration of Public Education (ANEP, for its acronym in Spanish) and the Institute for Children and Adolescents of Uruguay (INAU, for its acronym in Spanish).
The project, known as the Third Educational Infrastructure Project, will promote private investment for the design, construction, operation and maintenance of 15 ANEP elementary schools and 27 Child and Family Care Centers (CAIF), for the care of children between the ages of 0 and 2, as part of the INAU. The new construction will help to increase full-time, quality education, including vulnerable populations.
Likewise, the project promotes energy efficiency since the centers will include LED lighting and air conditioning equipment with "Inverter" technology, which uses only the necessary amount of energy required and generates savings.
In addition, the project will use solar thermal energy for its hot water needs for kitchens and bathrooms, and will ensure that buildings are constructed to optimize sunlight, as well as be equipped with a video surveillance system for security in the centers.
With this project, IDB Invest continues to reaffirm its commitment to the development of educational infrastructure projects in Latin America and the Caribbean, promoting social progress in the region through social infrastructure, including PPP contract modalities that encourage private capital participation.
The deal is expected to contribute to the following United Nations Sustainable Development Goals (SDGs): No Poverty (SDG 1), Quality Education (SDG 4), Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9) and Responsible Consumption and Production (SDG 12).
About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $15.3 billion in asset management and 375 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
About CIEU S.A.
CIEU is a corporation established under the laws of Uruguay on September 20, 2019, whose exclusive purpose is the implementation of the Third Educational Infrastructure Project. Its current shareholders are BTD Capital SL (50,5%), Tecnove SL (42,5%) and Basirey SA (7,0%).