27689 - Uniminuto

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Summary of Proposed Investment

Project Number

27689

Company Name

CORPORACION UNIVERSITARIA MINUTO DE DIOS

Date SPI Disclosed

Feb 10, 2009

Country

Colombia

Industry

Health, Education and Life Sciences

Projected Board Date

Mar 13, 2009

Status

Completed

Sector

Colleges, Universities, and Professional Schools

Department

Regional Industry - MAS LAC

Environmental Category

B - Limited

Previous Events

Approved : May 29, 2009
Signed : Sep 7, 2009
Invested : Dec 23, 2009

Project Description

The proposed IFC investment is an A loan of up to $8.0 million (to be disbursed as a Peso-linked loan) in favor of Corporación Universitaria Minuto de Dios (“Uniminuto”), a mid-sized, rapidly growing higher education institution based in Bogotá offering technical, technological and university education in Colombia. Uniminuto currently operates through a wide national network, offering flexible, cost-competitive and quality education to lower and middle income students. In line with a five-year strategic plan (2008-2012) which targets expansion from a current level of 18,000 students to over 30,000 students by 2011, Uniminuto plans to undertake investments over the next 2 years which support the physical, technical, and institutional aspects required for such growth. The total corporate program for this period is estimated at $18 million, of which $10 million will be dedicated to expanding student capacity in three key locations (Bogota, Soacha, Girardot), with an additional $4 million required for the technology infrastructure which supports the overall educational network. Other important areas of investment relate to reinforcement of quality and efficiency throughout the system.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	8.0
Equity

Development Impact

Increased Access to Tertiary Education Services – Colombia has made significant advances in gross enrollment ratios at all education levels over the past 5 years yet access and coverage for certain segments of the population remain weak. While average gross enrollment ratios for tertiary education are estimated at 29%, government data indicates that coverage in Bogota may exceed 50%, yet remain below 10% in various departments. Additionally, schooling has traditionally been less accessible to students of lower socioeconomic backgrounds. Through its network approach, commitment to distance learning technologies and presence in more than 11 departments, Uniminuto is expected to contribute to increased coverage for students in more remote areas of the country.

Support for Key Productive Sectors of Colombia – In addition to offering high demand professional degrees (e.g. Computer Science, Accounting, Business Administration, Civil Engineering), Uniminuto will continue to develop programs of applicability to particular regions of the country (e.g. hotel management, agroecology, livestock business management), as well as technological programs of shorter duration but high employability prospects (e.g. web design, occupational health).

Support for Public-Private Partnerships in Education – The private sector represents approximately 45% of tertiary enrollment levels, yet its participation has typically focused on the capital and larger cities of Colombia. Under an innovative public private initiative, CERES – Centros Regionales de Educación Superior, the government of Colombia has extended the reach of private higher education to more marginal urban and remote areas of the country. Currently operating more than 15 CERES centers, Uniminuto is expected to continue to participate under this initiative.

IFC’s involvement with the project should help Uniminuto in ways that would not be provided by other parties. In addition to providing long-term financing, IFC’s involvement should:

- support Uniminuto in securing long-term funding from commercial sources in the future;
- guide the University with its expansion plans to more effectively utilize resources; and
- provide Uniminuto with access to best practices and experience in the education sector.

The project involves a 2-year corporate investment program which supports the physical, technical, and institutional aspects required for growth across a network of urban, peri-urban and rural centers. The key social, environmental, health and safety issues associated with this project will include:

-Life and fire safety
-Labor and working conditions
-Energy conservation
-Solid waste management

The project itself will have limited impacts on the surrounding environment. The abovementioned issues can be addressed through known and accepted procedures and technologies to avoid or mitigate social and environmental impacts. Thus, this project has been classified as a Category B according to IFC’s Environmental and Social Review Procedure.

Contacts

For Inquiries About the Project, Contact

Camilo Bernal Hadad
General Rector
Calle 81B No. 72B 70
Tel: +571-291-6534 / 46
Fax: +571-291-6534 / 46

www.uniminuto.edu

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

Local Access of Project Documentation

Project information has been made available on the company''s website (http:// www.uniminuto.edu) and on the local community bulletin board in Spanish.

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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