IFC commits USD 38 mn loan to Shandong Yingcai University for career-focused education in China
Compared with the national average of around 78 percent, Yingcai has been consistently achieving initial employment rates of over 95 percent.
IFC, a member of the World Bank Group, has committed a loan of 240 million yuan (USD 38 million) to Shandong Yingcai University. IFC's loan will help the university offer a range of career-focused education programs, including its flagship major – Early Childhood Education – to thousands of students in China.
While this funding will help Yingcai University expand its student reach, optimize its operations, and improve its financial structure, it will also work with IFC to implement energy efficient measures on campus. Founded in 1998 in Shandong province, Yingcai currently runs two campuses in the provincial capital, Jinan, with a student population of around 37,000. Half of these students are from the frontier regions.
"25 years ago, the World Bank Graduate Scholarship Program, which focused on teachers in developing countries, helped me obtain my Master's degree in English Pedagogy for Children. I utilized the international teaching methods and concepts to launch new textbooks and schools, which have helped tens of thousands of college students and ECE teachers. Subsequently, I was selected as one of the National Master Teachers in China," said Wen Yan, Chairwoman of Shandong Yingcai University. "IFC's partnership will now help us scale up our contribution in the area of private education development, and address the increasing demand for career-focused education in China, especially in the frontier regions."
Compared with the national average of around 78 percent, Yingcai has been consistently achieving initial employment rates of over 95 percent. This can be attributed to the university's skills-based courses and extensive industry partnerships.
"As China's economy shifts toward a service economy, the country's education system has become central to securing an inclusive and sustainable growth," said Randall Riopelle, IFC Country Manager for China, Mongolia and Korea. "High-quality and affordable private-sector educators like Yingcai could create employment opportunities for more young people, contributing to a more mobile and skilled labor force in China."
Since 2014, IFC has invested USD 258 million in seven education projects in China. IFC invests in private education in emerging markets to promote access to quality education and create more opportunities for employment.