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WASHINGTON, D.C., September 18, 2000 --
As part of its priority for investment in privately financed education, the International Finance Corporation has made a US$9 million loan to finance a $25 million project to expand the University Torcuato Di Tella in Argentina and contribute to its student loan program.
The University will build a new campus in the Nuñez neighborhood of Buenos Aires, including renovation of an old federal government building, using the IFC loan, a $10.5 million donation by the Argentine philanthropist Luis Maria Otero Monsegur, and $5.5 million of internally generated cash and other debt. The new facilities will include a new library and community auditorium.
Because existing facilities are at capacity, the University needs new facilities to allow for an increase in the student population and maintain its reputation as a top-quality, research and community-oriented institution, said Karl Voltaire, IFC Director of the Global Practice Group for Social Sectors. About $1 million of the IFC loan will support financial aid for students, which is an important tool for attracting a diverse pool of students from all socio-economic backgrounds.
UTDT is a non-profit university founded in October 1991 by the Fundación Torcuato Di Tella and the Instituto Torcuato Di Tella as a high quality contributor to Argentina's education system. ITDT has been a forceful promoter of the arts and academics in Argentina for the past 40 years.
The mission of IFC, part of the World Bank Group, is to promote private sector investment in developing countries, which will reduce poverty and improve people's lives. IFC finances private sector investments in emerging markets, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses.
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