IDB Invest, a member of the Inter-American Development Bank (IDB) Group, provided an $18 million loan to build and equip a new campus of the Universidad de Las Américas (UDLA) to consolidate and increase its educational activity.
The project will help UDLA incorporate up to 2,000 new students during the financing period, which has a tenor of seven years. This will allow UDLA to add new careers and international accreditations to its university offering, open 150 new classrooms and create new jobs for teachers and administrative staff.
The financing will permit UDLA to implement its environmental and social practices and policies, as well as ensure the construction of a campus with the best infrastructure to facilitate learning. In addition, the project will include energy technologies and components that minimize water and electricity consumption. The structure of the operation is innovative as it allows UDLA to reduce the margin of the financing interest rate if it obtains and maintains an EDGE certification annually. With this condition, IDB Invest helps UDLA to cover part of the cost of certification and promotes energy efficiency of the project.
In Ecuador, only 30 percent of students enter a university degree. UDLA has approximately 15,700 students who will benefit from the project and is one of the leading private universities in Ecuador.
This transaction will potentially contribute to five of the United Nations Sustainable Development Goals (SDGs): No poverty (SDG 1), Quality Education (SDG 4), Industry, innovation and infrastructure (SDG 9), and Responsible consumption and production (SDG 12).
About IDB Invest
IDB Invest, a member of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects so they can achieve financial results and maximize the region’s economic, social, and environmental development. With a portfolio of $12.1 billion in assets under administration and 329 clients in 21 countries, IDB Invest provides innovative financial solutions and advisory services in response to its clients’ needs in a variety of sectors.
About Universidad de las Américas (UDLA)
The University of Las Américas (UDLA) is a prestigious institution of private higher education in Ecuador that has more than 24 years providing training, training and academic specialization services. UDLA promotes knowledge through research and discovery, teaching and learning, commitment to community and public service. Currently, the University offers 36 undergraduate courses in face-to-face classes in daytime and evening sessions and one half-day course. Within its postgraduate offering it has 19 programs and in continuing education, 25 courses. With more than 15,700 students, it has positioned itself as a renowned institution in Ecuador for providing a teaching with academic quality. UDLA has four campuses strategically distributed in the Metropolitan District of Quito (Granados, Simón Bolívar, Queri and Colón), and a campus located in Nono where it has a farm where research, crops and agriculture are carried out.