IIC Approves An Additional One Million Dollar Loan To Instituto Superior Autónomo De Occidente, A.C.
07/30/2003WASHINGTON, D.C. On July 30, 2003, the Board of Executive Directors of the Inter-American Investment Corporation (IIC) approved a US$1 million loan to Instituto Superior Autónomo de Occidente, A.C. (UNIVA), a nonprofit educational institution in central Mexico with more than forty years of experience in the sector. The additional loan will be used to purchase laboratory equipment, computers, and some vehicles for transporting teachers to other campuses or to corporate programs, thus supplementing the initial project that consisted of building and equipping phase one at the Vallarta, Lagos, and León campuses and building 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. In 2002, 2,283 students benefited from the scholarship program, which is usually financed by school fees, accounting for 13% of UNIVA's total income. UNIVA targets the middle and working classes, offering flexible, convenient class schedules for people who work. UNIVA operates in three of the five states with the lowest average school attendance in Mexico.
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. For further information on the IIC's activities, visit its Web page at www.iic.int.
Contact: Steven Reed/Ana Cecilia Savastano
Telephone: (202) 623-3981