Summary of Proposed Investment
Project Number
11144
Company Name
ATILIM UNIVERSITESI
Date SPI Disclosed
Feb 1, 2002
Country
Turkiye
Industry
Health, Education and Life Sciences
Projected Board Date
Mar 12, 2002
Status
Completed
Sector
Colleges, Universities, and Professional Schools
Department
Regional Industry MAS MCT
Environmental Category
B - Limited
Previous Events
Approved : Mar 27, 2002
Signed : Jun 14, 2002
Invested : Jul 17, 2002
Project Description
Atilim University, founded in July 1997, has about 1,186 students in its three faculties (arts and sciences, management, and engineering). It also provides graduate degrees to 74 students in engineering and management. Atilim wants to become a top-ranked research institution helping students develop market-needed competencies in engineering and business. Upon completion of its long-term investment program by the year 2010, the university expects to have three additional faculties: law, fine arts, and communications, a broader science faculty with five additional departments in the faculty of arts and sciences, and two new engineering departments. The engineering faculty will be the largest, followed by the faculty of management. Eventually, about 10% of the total 10,500 students will be enrolled in graduate programs. The project will increase enrollment in Atilim by about 1,300 students. It will add 15,000 m2 of indoor space dedicated to classrooms and laboratories for the faculties of management and engineering. In addition, this phase will include the construction of a waste water treatment facility and a power generation and distribution facility.
Development impact: The project will help augment the delivery of quality tertiary education in Turkey and alleviate the shortage of slots in Turkish universities. With the expansion, Atilim University will begin to achieve sufficient scale to increase its research activities. The successful implementation of the project will encourage other private initiatives in tertiary education and diffuse best management and academic practices to the public and private education system.
IFC''s role: Turkey’s financial sector has been unable to provide adequate local currency financing to support long-term investments, especially for not-for-profit institutions such as Atilim. Financing for these institutions is limited to short-term loans at high spreads or leasing, because they are considered “frontier” sectors and risk assessment is complicated by their not-for-profit status. Yet they provide important social services that are directly linked to improving the social capital of the country. Consequently, the role of IFC is especially important, as it is the only major source of long-term project financing for these clients. With this investment in a young private university in Turkey, IFC would demonstrate the financial viability of these institutions, structuring innovate ways for securing its loan, while applying some governance measures commonly found in well-managed private institutions.
Development impact: The project will help augment the delivery of quality tertiary education in Turkey and alleviate the shortage of slots in Turkish universities. With the expansion, Atilim University will begin to achieve sufficient scale to increase its research activities. The successful implementation of the project will encourage other private initiatives in tertiary education and diffuse best management and academic practices to the public and private education system.
IFC''s role: Turkey’s financial sector has been unable to provide adequate local currency financing to support long-term investments, especially for not-for-profit institutions such as Atilim. Financing for these institutions is limited to short-term loans at high spreads or leasing, because they are considered “frontier” sectors and risk assessment is complicated by their not-for-profit status. Yet they provide important social services that are directly linked to improving the social capital of the country. Consequently, the role of IFC is especially important, as it is the only major source of long-term project financing for these clients. With this investment in a young private university in Turkey, IFC would demonstrate the financial viability of these institutions, structuring innovate ways for securing its loan, while applying some governance measures commonly found in well-managed private institutions.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mr Yalcin Zaim, Chairman of the Board of Trustees
Atilim University
Kusilcasar Koyu,
06836 Incek, Ankara
Phone: (90) 312 499-1276, Fax: (90) 312-499-1278
Atilim University
Kusilcasar Koyu,
06836 Incek, Ankara
Phone: (90) 312 499-1276, Fax: (90) 312-499-1278