The project sponsors consist of all parties contributing to the project’s financing (and/or collateral) including, among others: - Mr. Arthur Lok-Jack (Director of IOB, Chairman of Associated Brands Group of Companies, Guardian Life Ltd., Guardian General Insurance Ltd., and Director of various other private companies in TT) - Republic Bank Ltd. - Hydro Agri Trinidad Ltd. - Ministry of Science, Technology and Tertiary Education IOB is a company limited by guarantee with no shareholders (or share capital) but rather Members. It is governed by a Board of Directors that includes some of the leading business people in the country. Its parent, UWI, is an autonomous public institution sponsored by the regional governments. It does not have financial or operational control of the IOB, apart from the oversight provided by its member representatives on the Board, and academic quality control. The seed capital to establish the IOB was sourced from public grants, donations (cash and in kind) from private sector companies and individual benefactors. It has the status of a tax-exempt charitable institution.

The total project cost is estimated at $10 million. The proposed IFC investment is a $5 million A loan for IFC’s own account.

5.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	5.0
Equity

* These investment figures are indicative

The land was recently made available to the Institute by the Government of the Republic of Trinidad and Tobago (GORTT), on a 99-year lease at a token annual lease of TT$10. It is a 3.5 hectare-State Land designated for the purpose of establishing permanent teaching and learning facilities. The site is located on the western side of the Uriah Butler Highway, Mount Hope, in the University belt of the East-West corridor of Trinidad’s business sector. It is approximately 20 minutes drive from the city center of the financial capital of the Caribbean, Port of Spain and 10 minutes away from Piarco International Airport, and is within easy reach of transport, housing and amenities.

This is a Category B project according to IFC''s environmental and social review procedure because limited environmental and social impacts associated with the project may be mitigated through adherence to industry best practices, recognized performance standards, guidelines, and design criteria. Environmental, social and occupational health and safety issues associated with this type of project and that will be evaluated during appraisal include: land acquisition, compensation and prior use; site location, planning and permitting; solid waste management; wastewater treatment and disposal; potable water; air emissions from on-site generators and other utilities; heat exchange chemicals used in air conditioning systems; energy use management; managing environmental impacts during construction; student and worker occupational health and safety; and life and fire safety.
Location of environmental documents in locally affected community
An Environmental Review Summary report for the project has been prepared by International Finance Corporation as part of its environmental and social due diligence. The Environmental Review Summary report will be available for public review starting May 04, 2004 on the IFC website and at the following places: UWI Institute of Business, Cor. Churchill Roosevelt Highway and Pasea Road, Tunapuna Monday to Friday, 8:00am and 4:30pm UWI Institute of Business Campus Project Site Office, Uriah Butler Highway, Champs FleursMonday to Friday, 8:00am to 4:30 pm UWI Institute of Business Websitehttp://www.uwi-iob.org

The project will have a strong development impact in widening access to graduate business education in Trinidad and Tobago—the private returns to which are extremely high—and increasing the supply of skilled personnel, for which there is strong demand. A cadre of skilled managers and entrepreneurs is needed to help develop the private sector, particularly the energy sector, which is estimated to grow rapidly over the next decade. IOB will help to reduce the shortfall by enlarging its program and providing practical business education, tailored to local needs. In addition, IOB, will expand its training of public sector personnel, for which it was named a “Center of Excellence,” by the Commonwealth Secretariat. It will thus help to meet the country’s critical demand for training and institution-building required to strengthen public sector management and reform.