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Xi’an, June 2, 2016
—IFC, a member of the World Bank Group, is helping to fund Xi’an Eurasia University’s facility expansion and to retrofit its existing buildings to reduce energy and water usage.
IFC’s loan of up to RMB227.5 million (approximately $35 million) will support the private institution’s “Green Campus” initiative which aims to increase overall resource efficiency while expanding its faculty and teaching spaces. The institution will be one of the first education projects to meet IFC’s Green Building Standards, achieving 20 percent energy savings compared with local benchmarks. Structural improvements will address window placement, heat retention, building insulation and water circulation. Energy efficient air-conditioning systems will also be installed.
“IFC’s long-term financing provides us with the necessary capital to pursue our expansion plans,” said Mr. Hu Jianbo, President of Xi’an Eurasia University. “We will benefit greatly from IFC’s global experience in private education and best environmental and social best practices, particularly in energy efficiency and green building measures.”
Xi’an Eurasia University, an employment-focused private university, is reputed for its high graduate employment rate within China’s education sector. Over 90 percent of Eurasia’s students secure jobs within six months of graduating, compared to the national average of approximately 77 percent. The non-profit university has an extensive network with local businesses which serves to bridge the gap between formal academic training and professional skills application.
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This investment demonstrates IFC’s commitment to private tertiary education,” said Simon Andrews, IFC Country Manager of China, Korea and Mongolia. “Increasing access to relevant, quality education that can lead to employment is at the core of IFC’s education strategy. We are happy to support Eurasia’s continued growth in employment-focused education.”
The project fits well with IFC’s strategy in China of promoting both greener growth and more inclusive development. In addition to creating jobs for the local community during the five-year implementation phase, the project will also bolster demand for locally sourced materials, many supplied by micro small and medium enterprises (MSMEs). IFC is the largest multilateral investor in private education in emerging markets. Over the past 15 years, IFC has invested over $1.5 billion, spanning over 118 projects, in 39 countries, including some of the world’s poorest. In support of this sector’s growth, IFC hosted its seventh Global Private Education Conference in Hong Kong on Tuesday, April 26
th
, 2016. The two-day event brought together over 350 leaders from around the world to discuss private education and forge relationships between the business and education sectors.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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