USAL Exp

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IFC is considering a corporate loan of $10 million to Universidad del Salvador ("USAL" or the "university") to: (i) finalize the construction of the new ‘Cordoba’ campus located in downtown Buenos Aires ($12 million); (ii) refurbishment/expansion of 2 existing university buildings ($1 million); and (iii) refinancing of medium term loans ($3 million) (the “Project”). The total project cost amounts to $16 million.USAL is one of the oldest and most reputable private universities in the City of Buenos Aires, Argentina, with one of the largest and most established selection of under and post-graduate level degrees. USAL has three campuses: (i) the main one located in the city of Buenos Aires, spread across 20 buildings, including administrative offices; the ‘Pilar’ campus located in the outskirts of the City of Buenos Aires on 65 ha of land, and the ‘San Roque’ campus located in the Province of Corrientes on 110 ha of land. The total student body at USAL in 2015 was 23,740. Staffing includes 3,584 teachers and 650 administrative staff. Women make up more than half of the total in all categories. The university continuously strives to improve the conditions of its facilities in order to remain competitive and offer its student and teacher body the best comfort and quality infrastructure it can attain. The new program includes construction of a new campus located on the corner of Avenida de Cordoba and Montevideo, in the center of the City of Buenos Aires, a short walk from the university’s other buildings in the city. The campus was designed and is being monitored by Architect Eugenio Lanusse and Associates and Architect Carlos Diego Rosas. The lead construction contractor is Lanusse-Natino. The new campus will have the following characteristics: (i) total floor space of 14,145 m2, including 3,293 m2 of underground space of which 2,672 m2 will be designated parking, (ii) a lobby and 12 floors, (iii) 7 classrooms per floor on the top 8 floors; (iv) a library, (v) a bar / coffee space, lecture room and auditorium, (vi) administrative offices, (vii) a chapel, and (viii) garden / outdoor terrace. The university does not own, manage or operate student dormitories. The new campus will accommodate a total of 1899 students, approximately 211 per floor, per shift. The new campus will absorb students currently studying in the following buildings: (i) Hipolito Yrigoyen 2441, (ii) Viamonte 2213, (iii) Pte. Peron 1818, and (iv) Callao 853.