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The International Finance Corporation (IFC), a member of the World Bank Group, approved a $ 25 million long-term loan to the University of Santo Tomás, one of the largest institutions in the world. Higher Education in Colombia, to promote access to quality education in several cities of the country.
The loan will help the institution to improve its infrastructure in the campuses of Bogota, Tunja, Bucaramanga, Villavicencio and Medellin. The partnership between Santo Tomás University and IFC will also help improve student readiness with the tools required by private sector employers and facilitate their entry into the labor market. The university will also continue to focus on the expansion of virtual education and technology platforms that improve access to education in remote and remote areas.
The agreement will also allow the University Santo Tomás to take advantage of IFC 's experience in the education sector around the world. IFC has invested more than $ 1.5 billion in educational projects over the last 15 years to promote the goals of improving access to education, reducing costs, and reducing the cost of education. help students prepare for the job market.
"In keeping with the mission of the University of Santo Tomás, we have set goals for the institution, which include being an international reference point for multicampus education of superior quality, so that those who access our academic programs can contribute to the social transformation of the country, "said Juan Ubaldo López Salamanca, Rector of Santo Tomás University.
He also pointed out that the university plans include the adoption of international academic and administrative standards, with the aim of obtaining international accreditation for the institution and for its programs, which will require a decrease in school dropout rates and the strengthening of a consistent and quality faculty. Other objectives include upgrading and developing physical and technological infrastructures, implementing environmental sustainability practices and consolidating a quality virtual academic offer, adapted to the needs of the regions.
"Achievement of these objectives will ensure an institutional architecture (effective articulation between processes, organization and functions), depending on the contexts in which the university is present, strengthening the system. Quality Assurance in Development, Coverage and As a result, IFC is a strategic ally for strengthening the University of Santo Tomás, "said López Salamanca .
"This partnership with Santo Tomás University will spur access to quality education in Colombia and we hope that it will help the university to continue to grow as the university". one of the largest university centers in the country, "said Juan Gonzalo Flores, IFC representative. Andean region. "This loan shows that our commitment to support Colombia's sustainable development continues to grow," Flores added.
With support from IFC, the university will also implement energy efficiency measures that will allow it to comply with some of the world's best practices in this area. The university hopes that incorporating these new measures will help it become "carbon neutral" by 2026.
Elena Sterlin, senior director of IFC, pointed out the presence of the university in many parts of the country where traditionally high quality educational institutions. "IFC's priorities in the education sector include supporting institutions that promote access to quality education at affordable costs and that enhance the employment prospects of the organization." its students. "The University of Santo Tomás is an excellent ally. "We are very pleased to build this new partnership with Santo Tomás, an institution that works for the sustainable development of Colombia," said Sterlin.
IFC is the largest multilateral source of investment in private education in emerging markets. Over the past 15 years, IFC has supported more than 110 educational projects in 39 countries. IFC's role in education in Latin America and the Caribbean is focused on supporting institutions important enough to provide quality services and accessible education.
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