The Asian Infrastructure Investment Bank (AIIB) has signed a CNY574.728-million loan agreement to finance the expansion of the Yantai Institute of Science and Technology (YIST), a key vocational institution owned by China Education Group Holdings Limited aimed at strengthening vocational education and local workforce development.
The project will improve access to high-quality, employment-oriented affordable education for about 14,000 students, with over 80% coming from Shandong Province. It will also create new employment opportunities for teaching and support staff while contributing to the local economy by increasing availability of technically skilled graduates to meet industry demands.
Read also – ADB’s $350 Mn Loan to Enhance India’s Logistics Sector and Export Competitiveness
This project is AIIB’s first non-sovereign-backed educational infrastructure project, providing financing to a private vocational school to support the expansion of its facilities. It aligns with the government’s initiative to encourage private-sector investment in vocational education and its vision of fostering industry participation in educational development. The vocational education sector plays a pivotal role in adapting to the evolving job market by ensuring a skilled workforce is in place to drive economic growth. Vocational schools like YIST address critical challenges such as aligning educational programs with job market needs, helping to bridge the skills gap and strengthen job-oriented undergraduate education.
“By aligning vocational education with industry needs, this project strengthens local workforce development and serves as a valuable example for similar initiatives in other economies in which AIIB operates,” said Najeeb Haider, AIIB Director General, Project and Corporate Finance Clients Department, Global.
“AIIB’s partnership is instrumental in enabling us to expand our capacity and deliver high-quality, industry-focused education to thousands of students,” said Dr. Yu Kai, Co-Chairman of the Board and Chief Executive Officer, China Education Group. “This collaboration not only strengthens our ability to meet critical workforce demands but also ensures we can continue to contribute to local economic development and empower students to shape the future of our community.”
The antai Higher Vocational School Project will finance the construction of Phase 1 of the new campus of the Yantai Institute of Science and Technology (YIST) at Yantai, Shandong Province, China. The new campus will be used to facilitate educational activities, including the launch of new courses in the areas of engineering, computer and software, art and design, and international education. The total construction area of Phase 1 is about 276,000 m2, covering five learning facilities, student accommodations, a theatre, a stadium, international exchange centers, and other related amenities.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond—infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide.
We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.
