IDB Invest, Republic Bank in US$9m financing for Texila expansion
IDB Invest and Republic Bank (Guyana) Limited have partnered with Texila American University (TAU) to expand the university’s campus with new housing facilities for staff and students.
A release yesterday from IDB Invest – the private sector arm of the InterAmerican Development Bank – said that the US$9 million financing package includes a senior loan of US$5 million from IDB Invest and US$4 million from Republic Bank.
The project is expected to see increased student enrollment of almost 73% by 2026 and a 20% rise in the number of students who graduate by the same year.
New student housing will provide more affordable campus accommodations and include 86 two-room apartments and 16 one-room apartments. The staff housing will cater for 30 families of Texila’s staff.
With IDB Invest’s support, the release said that TAU will strengthen its environmental and social practices by implementing an Environmental and Social Action Plan to boost its capacity to manage risks and impacts associated with existing operations and the planned expansion.
The project is expected to contribute to the following United Nations Sustainable Development Goals (SDGs): Quality Education (SDG 4).
The release said that Texila is an accredited private university based in Guyana offering programmes primarily in medicine, as well as in public health, business management, and Information Technology. The University currently offers Medical (MD) and Premedical programmes under the College of Medicine and offers Bachelor, Master’s, and Doctoral Programmes under the Colleges of Business Management, Public Health, and Information Technology.