IIC Approves A $10 Million Loan To Instituto Superior Autónomo De Occidente, A.C., A Non-Profit Education Institution
09/24/2002WASHINGTON, D.C. - On September 25, 2002, the Inter-American Investment Corporation (IIC) approved a $10 million loan to Instituto Superior Autónomo de Occidente, A.C. (UNIVA), a non-profit educational institution in central México with more than forty years' experience in the sector. The project consists of building and equipping the first phase of the campuses in Vallarta, Lagos, and León, as well as the construction of a library and a parking lot at the Guadalajara campus.
Thousands of students will benefit from the new services resulting from this project. At the beginning of this year, UNIVA had 12,046 students; by 2010 it is expected that the student body will exceed 21,700. UNIVA targets the middle and working classes, offering flexible, convenient class schedules for people who work. It has exchange programs with twenty-one universities of which seventeen are foreign and four are Mexican, and has a scholarship program that is usually financed by school fees. By 2012, approximately US$8.4 million of the University's resources will be earmarked for educational scholarships.
This project will create some 476 direct jobs in central Mexico (administrative and teaching positions) and approximately 25 indirect jobs (cafeteria, security, maintenance, etc.).
The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC's mission is to promote the economic development of its regional borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.
Contact: Steven Reed
Telephone: (202) 623-3981