Minsheng Edu 2 (IFC-42960)

Countries
  • China
Geographic location where the impacts of the investment may be experienced.
Specific Location
The Project is located in Jiangxi and Anhui Provinces of China
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
Apr 28, 2020
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.
Borrower
MINSHENG EDUCATION GROUP COMPANY LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 105.67 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.
Loan Amount (USD)
$ 105.67 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)
$ 300.00 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.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 18, 2024

Disclosed by Bank Feb 6, 2020

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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.

According to the bank document, the proposed IFC investment is an A loan of up to RMB 750 million (approximately US$100 million equivalent) to Chongqing Minsheng Education Management Co., Ltd. (the Borrower), a wholly-owned subsidiary of Minsheng Education Group Company Limited (Minsheng or the Company). This is to support Minsheng’s expansion, consolidation, operation and upgrade plan to replicate its successful tertiary education model in frontier regions of China. The Company plans to acquire and upgrade tertiary and vocational education institutions (the Project).

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The total Project cost is estimated to be US$300 million. The proposed IFC investment is an A loan of up to RMB 750 million (approximately US$100 million equivalent) to Chongqing Minsheng Education Management Co., Ltd. (the Borrower), a wholly-owned subsidiary of the Company.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Minsheng and its predecessor companies have been in operation for more than 20 years, having been established in Chongqing, China, in 1998. Minsheng is one of China’s largest publicly listed private university operators, with total enrollment of over 74,450 students. In addition, Minsheng has investments in schools in Singapore, Hong Kong, and Australia.

Mr. Xuechun Li (the Sponsor) is the Founder, Chairman and majority shareholder of the Company with approximately 67.2 percent indirect beneficial ownership interest in the Company. Mr. Li has a degree in economic management.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Chongqing Minsheng Education Management Co., Ltd. Client -
- - - - Minsheng Education Group Company Limited Parent Company -

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.

1/ Project Contact

Minsheng Education Group Company Limited
Contact: Mr. Lam Ngai Lung, George

Title: Chief Financial Officer

Phone number: +852-34685563

Email: lyl@minshengedu.com

Address: Room 3202A, 32/F, Tower 1, Lippo Centre, 89 Queensway Road

Admiralty, Hong Kong

Website: www.minshengedu.com

2/ IFC Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

3/ Local Access for Project Documentation

Room 3202A, 32/F, Tower 1, Lippo Centre

89 Queensway Road, Admiralty, Hong Kong

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works