Texas Tech University Costa Rica Campus Building (IDBI-12274-01)

  • Costa Rica
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest (IDBI)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 31, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Avenida Desarrollo Nuevo, S.A., Edubuilding, S.A. and EduLink, S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 22.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 22.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Media Documents
Primary Source

Original disclosure @ IDBI website

Updated in EWS Nov 26, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Edulink (EDU) and Texas Tech University (TTU) have signed a framework agreement to establish a Texas Tech University satellite campus (TTU-CR) in San Jose, Costa Rica in order to offer mainly undergraduate, postgraduate and certificate programs in English with high quality and high demand careers such as Electrical Engineering, Industrial Engineering, Information Technology, Mathematics and Restaurant Management, and Hotels and Tourism, in Costa Rica. EDU will manage the operations of the university (except for academic), as well as the marketing and student recruitment; and TTU will be responsible for the enrollment of students, the academic offering, accreditation and research activities.

The project, Texas Tech University Campus Building ("TTU-CR") in Costa Rica (the "Project") is intended to provide long-term take-out financing of the capital expenditures associated with construction, operation and maintenance of the AE205 building which has been specifically designed for TTU-CR, located on Escazu Avenue ("Avenida Escazu"), Escazu Municipality (Canton de Escazu), San Jose, Costa Rica. Avenida Desarrollo Nuevo, S.A. ("ADN"), a subsidiary controlled by Portafolio Inmobiliario, S.A. ("Portafolio"), will own, operate and maintain and sign a master lease agreement with Edubuilding, S.A. who in turn will sub-lease 7 floors plus basement and parking to EDU. The total estimated cost of the Project is estimated US$ 28 million, which will be financed through an "A" loan from the IDB Group of up to US$ 12 million. The financial plan will be completed with the participation of a B-Lenders and/or parallel lenders and through capital contributions. The main interest of the IDB Invest in participating in this innovative project is that TTU-CR is intended to address the growing demand gap for local skilled labor, which industry in Costa Rica is demanding, by specifically targeting high demand careers through tailored degrees, in English, that would create positive trickle-down effects, resulting in additional indirect job opportunities. Moreover, the building and its interior fit-out has been designed and completed taking into consideration sustainable and climate friendly principles and is pending LEED Silver certification for the exterior and LEED Platinum for the interior.

The Project has been developed within Avenida Ezcazu, a premier lifestyle center in Central America, combining work, entertainment, dining, living and open spaces in a fun and safe environment. This AE205 building has 7 floors, plus basement floor and parking, of approximately 13,476 m2 of gross leasable area (GLA), pending LEED Silver certified facility. TTU-CR will occupy 11,521 m2, approximately 85% of the total GLA.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

This Project is a Category B project according to IDB Invest's Sustainability Policy because its environmental and social risks can be mitigated via measures that are readily available and feasible to implement in the context of the operation. The potential key Environmental, Social and Health and Safety ("ESHS") negative impacts and risks initially identified for the Projects, during the construction phase, include: (i) generation of solid waste, both hazardous and non-hazardous; (ii) air emissions; (iii) noise pollution; (iv) wastewater generation; (v) movement of soils; (vi) ground vibrations (vii) occupational health and safety of workers; and (viii) community health and safety concerns related to increase of heavy traffic. However, the construction phase was finalized on April 2018 . During the operations and maintenance (O&M), the risks tend to be related to: (i) occupational health and safety of workers, (ii) generation of solid waste, both hazardous and none-hazardous; and (iii) use of resources such as energy, water and local services (e.g.: sewage, access roads, etc.). Natural disasters such as earthquakes, fires, floods and electric storms, might also pose very limited risks to the project, both from the potential of risk to employees and students, and in terms of structural and environmental damage to physical infrastructure.

The IFC performance standards (PS) likely applicable to this Project, include:* PS 1 - Assessment and Management of Environmental and Social Risks and Impacts* PS 2 - Labor and working conditions

PS3 - Resource Efficiency and Pollution Prevention, does not apply to small and medium-sized projects, like this project, with limited potential emissions that may be achieved through compliance with emissions and effluent standards and the application of other pollution prevention and control approaches. PS 4 - Community Health, Safety and Security, does not apply also to the fact that it's unlikely for an emergency event extends beyond the project property or originates outside the projects property boundary. PS5 - Land Acquisition and Involuntary Resettlement, does not apply because this project will be built in land already developed by the Borrower, within Avenida Escazu business complex; therefore, PS6 - Biodiversity Conservation and Sustainable Management of Living Natural Resources, PS7 - Indigenous Peoples and PS8 - Cultural Heritage, won't also be applicable. However, once IDB Invest's investment proceeds, IDB Invest will periodically review the project's ongoing compliance with all the Performance Standards.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - EduLink SA Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client Contact name: John Keith Sanchez
Title: Treasurer of the Board of Directors
Phone number: +506 2505-7012
E-mail address:

How it works

How it works