Universidad de Montevideo

completed

The proposed $10.5 million three-year project will facilitate the growth of one of Uruguay’s premier universities, Universidad de Montevideo. The main components of the project are: - expansion of UM’s classroom facilities; - expansion of the University''s library;- growth of its student loan program; and- debt refinancing. The project is an integral part of UM’s strategy to consolidate its position of leadership by enhancing its research and teacher training, reaching a greater number of qualified students of lower income, and expanding its overall enrollment.The role of the education system is crucial in supplying the human resources required for faster economic growth and successful competition in the global markets. The modernization of Uruguay’s economy should increase productivity and demand for well qualified labor. Increases in productivity could be jeopardized unless the education system is able to match the demands of the market for well-educated, skilled and flexible graduates. Investment in the private system will complement an overcrowded public system and enhance the overall quality of higher education and its graduates.Education remains a sector where financial institutions generally are unwilling to invest. By taking the lead, IFC will demonstrate to others the commercial viability of private investment in institutions like UM. The success of this, and other IFC education projects, should help to create a market where none exists today for raising capital to fund the growth, quality and efficiency improvement of learning institutions.