IIC Promotes Educational Development in Dominican Republic
Loan to Colegio Bilingüe New Horizons S.R.L. to help expand facilities and procure modern equipment to foster academic excellence
Washington, D.C., July 28, 2014 — The Inter-American Investment Corporation (IIC) and Colegio Bilingüe New Horizons S.R.L. in the Dominican Republic have signed a loan agreement for up to US$3 million to expand the school’s academic, athletic, and administrative facilities. The construction work will include additional classrooms and laboratories, the expansion of playing fields, a cafeteria, and lunch rooms. Furthermore, the main campus in Santo Domingo will be outfitted with solar panels, which will lower energy costs and greenhouse gas emissions.
A technical assistance agreement for US$66,000 has also been signed to implement a new academic curriculum that will enable the school to retain its international accreditation.
“These funds represent around 50% of the US$6 million that the school has been investing in expansion and improvements in its infrastructure, programs, and staff since November 2013,” commented Fauntly Garrido, CFO of Colegio Bilingüe New Horizons.
“The IIC’s participation will permit the expansion of preschool and primary and secondary school infrastructure in the Dominican Republic,” noted Javier Hernández-Fuentes, IIC lead investment officer in charge of the operation. “Moreover, through our FINPYME technical assistance services, the IIC, with support from the Government of the Republic of South Korea, will provide resources to advise the school in the review and updating of its academic curriculum, enabling it to retain its NEASC (New England Association of Schools and Colleges) certification.”
Colegio Bilingüe New Horizons S.R.L. is a private school founded 37 years ago that offers bilingual preschool, primary, and secondary education. With campuses in Santo Domingo and Santiago, the school has a good reputation in math and science and has received many math and science awards in the Dominican Republic, the Ibero-American Mathematics Olympiad, and competitions in other countries.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees, as well as innovative technical assistance, advisory services, and knowledge products. In 2013, the IIC approved 71 operations totaling US$415.4 million. Since its inception in 1989, the IIC has approved more than 800 direct loans to SMEs and financial intermediaries, for a total of US$5.21 billion. An additional US$3.01 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.
Contact: Javier Hernández-Fuentes
Telephone: +1 (202) 623-3992 in Washington, D.C.