Eurasia University

active

Xi’an Eurasia University (“Eurasia” or the “University”), a not-for-profit enterprise, owns and operates Eurasia University in Xian, Shaanxi Province, China. The University provides junior college and undergraduate courses to 21,300 students (October 2015), with 25% of students coming from Xian city, and 60% from the broader Shaanxi Province. Eurasia has 11 schools and one operational centre, with the main undergraduate courses being: accounting, management and finance.The University operates a single campus on the southern side of Xian city. The campus commenced development in early 1998 when the first building was constructed. Major campus facilities include a modern administrative building, classrooms and lecture theatres, a large modern library, dormitory accommodation for 20,000 students, kitchens, a hotel primarily used by parents visiting students, and sporting facilities (large gymnasium, football field/athletics track and outdoor courts) and car parking. The University develops vacant campus land as and when new buildings and other facilities are required in accordance with the Government-approved campus Masterplan.Eurasia’s education philosophy is to enhance the employability of students through the provision of an applied curriculum and student-centered learning with hands-on industry experience. Eurasia differentiates itself from other public and private tertiary education providers by tailoring courses to the local economy and labor market demands of Shaanxi Province. It has established school-industry strategic partnerships with a variety of enterprises for curriculum development and internship opportunities for students. Eurasia’s enrolment strategy focuses on steadily increasing the quality of education and student quality, and increasing tuition fees to match the higher quality.Eurasia has been progressively refurbishing existing buildings under its Green Campus Project since 2006, involving retrofitting buildings with energy and water efficiency improvements and upgrading life and fire safety (L&FS) measures. Under Phase 1 of this initiative key measures included; (i) replacing coal-fired boilers used for University heating with municipal heating in 2013; (ii) switching from on-site borehole water supply to municipal supply in 2014 to protect groundwater for emergency use by the municipality; and (iii) retrofitting selected buildings with energy and water saving devices (intelligent electricity control in apartments, light-emitting diode (LED) lighting, glazing replacement with low emissivity glass, installation of wall insulation, installation of skylights and electric controlled roof shutters, and curtains over doorways to retain building heat in winter). The proposed project in which IFC will invest (the “project”) involves implementation of some Phase 2 Green Campus measures as follows: i) construction of a new campus building for school-industry research and academic use; and ii) renovation of existing campus facilities including lecture buildings; the two dining rooms and the bathing centre. The buildings to be renovated or refurbished were constructed in 2002-2004 and range between single level and six stories in height. Project works, scheduled to commence in 2016 and be completed by 2020 will mainly incorporate various energy efficiency measures such as natural light, energy efficient air conditioning, building heat preservation measures, insulating glass windows, and energy saving lights. Part of the proposed IFC financing is allocated to help improve Eurasia’s capital structure.The total project cost is estimated to be $83 million, with IFC considering an investment in the form of an A loan of up to RMB227.5 million (approximately $35 million equivalent).