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| Duoc Growth |
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| Summary of Proposed Investment |
| This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. |
| Project number | 28539 |
| Company name | DUOC UC |
| Country | Chile |
| Sector | Education Services |
| Environmental category | B |
| Department | Health and Education |
| Status | Pending Disbursement |
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| Date SPI disclosed | August 21, 2009 |
| Projected board date | September 21, 2009 |
| Previous Events | Signed: September 30, 2009
Approved: September 25, 2009 |
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| View Environmental & Social Review Summary (ESRS), click here |
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| Overview |
Sponsor/Cost/Location |
Development Impact |
Contacts |
Attachments |
| Project description |
| Fundacion Duoc (“DuocUC”) is a leading higher education institution in Chile providing technical degrees and professional degrees to a student body of over 50,000. The University operates in 12 campuses and provides more than 80 different degrees, including 50 technical degrees and 30 professional degrees. DuocUC is looking to continue expanding its size and offerings through organic growth. The first stage of the project involves the construction of a university campus in Santiago (the “Maipu Campus”), with covered space of 10,000 square meters and capacity of 4,000 students. Further stages of the project involve similar capacity expansion projects to facilitate organic growth which are to be identified at a later stage. |
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| Project sponsor and major shareholders of project company |
The project sponsor is DuocUC, which was founded in 1968 as a department of the Pontificia Catholic University of Chile (Universidad Católica) with the purpose of providing training in technical skills. In 1973 Duoc was established as a separate independent institution -- Duoc Foundation -- a private non-profit institution.
In 1990, the government of Chile reconfigured the country’s higher education system, establishing three distinct types of institutions: universities, vocational institutes and technical training centers. Duoc was therefore created as both a professional institute and a technical training center.
Given its non-profit status, the institution is presided over by a Board of Directors composed of five members. |
| Total project cost and amount and nature of IFC's investment |
| The total project cost is estimated at $60.0 million. The proposed IFC investment is a $30.0 million A loan for IFC’s own account. |
| Location of project and description of site |
| The greenfield campus will be located in intersection between 5 de Abril street and Primera Transversal, in the commune of Maipu, city of Santiago. It will be on 2.5 hectares of acquired land. |
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| Anticipated development impact of the project |
The Project will:
- Contribute to equality of opportunity and social mobility by expanding the availability of higher education to lower-income segments, which is crucial in Chile;
- Contribute to increase higher education coverage in one of the most densely populated areas of the Metropolitan Region, which is composed mostly of mid and mid-to-low income inhabitants and does not have sufficient higher education offerings; |
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| IFC's expected development contribution |
IFC is expected to support in various ways including:
Provision of long-term financing, including grace period not available in the local market;
Access to industry contacts and best practices; and
The replication of Duoc’s educational model in other countries in the region. |
| Environmental and social issues - Category B |
| This is a Category B project according to IFC’s Procedure for Environmental and Social Review of Projects because a limited number of specific environmental and social impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. Key environmental, health and safety, human resources and social issues in a project in this industry sector include the following: the upgrade of the environmental and social management system (ESMS), the implementation of a community engagement and grievance mechanism, the development of a corporate human resource policy management system procedures, upgrade of the operational safety plan, the management of energy saving plans, a management system addressing pest control, and the refurbishing and continuing maintenance of historic buildings in Santiago and Valparaiso. |
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| For inquiries about the project, contact: |
Mr. Francisco Gouet Bañares
Fundacion Instituto Profesional DuocUC
Eliodoro Yañez 1595, Piso 12
Providencia, Santiago, Chile
Tel: 56-2-354-0151
Email: fgouet@duoc.cl
Website: http://www.duoc.cl/index.html |
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| For inquiries and comments about IFC, contact: |
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster |
| Local access of project documentation |
Mr. Francisco Gouet Bañares
Fundacion Instituto Profesional DuocUC
Eliodoro Yañez 1595, Piso 12
Providencia, Santiago, Chile
Duoc - Maipu
Sr. Vladimir Sagredo
Avda. Esquina Blanca 501 (Ex-506)
Maipu, Chile
Tel. 569-83423607
To comply with IFC requirements for local disclosure, Duoc will translate the content of the ESRS and the Environmental and Social Action Plan (ESAP) into Spanish and make these documents available locally at Duoc Casa Central (Duoc Headquarters), and at Maipu, the city where the construction will take place. For this purpose, Duoc will provide the address and phone number in the Spanish translation of the ESRS.
Duoc will place newspaper advertisements in a newspaper of nationwide circulation and in a local paper at Maipu if available, stating where information about the project and associated impacts and mitigation measures will be found. |
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