Bogota, Colombia, November 24, 2016—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.
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
“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
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
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.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. Working
with 2,000 businesses worldwide, we use our six decades of experience to
create opportunity where it’s needed most. In FY16, our long-term investments
in developing countries rose to nearly $19 billion, leveraging our capital,
expertise and influence to help the private sector end extreme poverty
and boost shared prosperity. For more information, visit www.ifc.org