IFC Supports Education in Chile with $30 Million Financing
Published November 26th, 2009
IFC, a member of the World Bank Group, will promote accessto affordable professional and technical education for low- and middle-incomestudents in Chile with $30 million in financing to FundaciĂłn DUOC, a leadingeducational institution.
Through its network of 12 campuses,DUOC provides a range of technical, vocational, and professional educationto 50,000 students. With IFC’s support, the university will expand itsfacilities and programs, reaching more students with limited access tohigher education. The percentage of young Chileans in the 18–23age group attending higher education institutions is 17–22 percent forpoor people and 79 percent for the highest-income bracket.
“IFC’s financing will help DUOC increaseits course offerings in business, construction, health care, and engineering,”said Marcelo Von Chrismar Werth, Rector, DUOC. “These programs arehighly relevant to the demands of the local labor market, preparing studentsto enter the workforce with strong practical skills. The project showsour commitment to good citizenship and corporate social responsibility.”
Guy Ellena, IFC Director for Healthand Education, said, “The project will expand the availability of highereducation to lower-income segments, which is crucial in Chile. Itwill also increase access in one of the most densely populated areas ofthe Santiago Metropolitan region, which has few education opportunitiesfor its mid- to low-income inhabitants.”
Enrique Cañas, IFC Regional Managerfor Argentina, Bolivia, Chile, Paraguay, and Uruguay, said, “IFC’s financingto DUOC is consistent with IFC’s strategy in Chile to support private sectorparticipation in education projects that target underserved segments. Projectslike DUOC help create opportunities for better jobs and quality of life.”
In October 2007, IFC worked with DUOCand Banco de Crédito e Inversiones, one of Chile’s largest banks, to introducethe first private student loan program in the country.
IFC’s role in education in LatinAmerica and the Caribbean includes expanding access to quality educationfor people from all income groups, introducing innovative means of financingand delivering education services, improving quality and standards, helpingstudents and institutions obtain access to financial support, and complementingpublic financing and provision to achieve public education goals.
IFC is the only internationalfinancial institution focused exclusively on the private sector, the engineof sustainable development in emerging markets. Along with IBRD, it iscurrently seeking a capital increase to strengthen its ability to createopportunity for the poor in developing countries—including by increasingaccess to affordable education in Chile.
About IFC
IFC, a member of the World Bank Group,creates opportunity for people to escape poverty and improve their lives.We foster sustainable economic growth in developing countries by supportingprivate sector development, mobilizing private capital, and providing advisoryand risk mitigation services to businesses and governments. Our new investmentstotaled $14.5 billion in fiscal 2009, helping channel capital into developingcountries during the financial crisis. For more information, visit
www.ifc.org
