Flor & Hurtado and Hunton Andrews Kurth advised on the transaction
IDB Invest, a member of the Inter-American Development Bank (IDB) Group, provided an $18 million loan to build and equip a new campus of the Universidad de Las Américas (UDLA) to consolidate and increase its educational activity.
The project will help UDLA incorporate up to 2,000 new students during the financing period, which has a tenor of seven years. This will allow UDLA to add new careers and international accreditations to its university offering, open 150 new classrooms and create new jobs for teachers and administrative staff.
The financing will permit UDLA to implement its environmental and social practices and policies, as well as ensure the construction of a campus with the best infrastructure to facilitate learning. In addition, the project will include energy technologies and components that minimize water and electricity consumption. The structure of the operation is innovative as it allows UDLA to reduce the margin of the financing interest rate if it obtains and maintains an EDGE certification annually. With this condition, IDB Invest helps UDLA to cover part of the cost of certification and promotes energy efficiency of the project.
In Ecuador, only 30 percent of students enter a university degree. UDLA has approximately 15,700 students who will benefit from the project and is one of the leading private universities in Ecuador.
Flor & Hurtado, Abogados advised IDB Invest with Mario Flor (Picture), Alejandra Soriano and Alejandro Perez.
In US, Hunton Andrews Kurth advised IDB Invest with Vera Rechsteiner and Siddharth Sethy.
Involved fees earner: Siddharth Sethy – Andrews Kurth Kenyon; Mario Flor – Flor & Hurtado; Alejandro Pérez Arellano – Flor & Hurtado; Alejandra Soriano – Flor & Hurtado; Vera Rechsteiner – Hunton Andrew Kurth;
Clients: IDB Invest;