WASHINGTON, March 4, 2008 - The following project was approved today by the World Bank’s Board of Executive Directors:
IBRD Loan: US$300 million
TERMS: Maturity= 22.5 years Grace= 6 years
PROJECT DESCRIPTION: The loan supports Colombia’s national student loan agency â€" Instituto Colombiano de Crédito Educativo y Estudios Técnicos en el Exterior (ICETEX) â€" to finance access to higher education for low-income students. ICETEX aims to offer financing to 100,000 new students to enroll in higher education for the first time in 2008-10 and will also finance 432,000 loan renewals for students who are already attending programs. ICETEX will award loans based on a blend of need and academic merit, and loans will target students from the lower end of the socioeconomic range.
source: http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:21671378~pagePK:34370~piPK:34424~theSitePK:4607,00.html
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