BAKU, Azerbaijan, December 7. The Asian Infrastructure Investment Bank (AIIB) has approved a loan agreement worth 574.728 million Chinese Yuan (over $79 million) to fund the expansion of the Yantai Institute of Science and Technology (YIST), Trend reports.
This vocational institution, owned by China Education Group Holdings Limited, plays a significant role in strengthening vocational education and workforce development in China.
The project aims to enhance access to high-quality, employment-oriented education for approximately 14,000 students, with the majority (over 80%) hailing from Shandong Province. It is expected to create additional teaching and support staff positions while addressing local industry demands for technically skilled graduates. This expansion aligns with China's broader goal to foster private-sector investment in vocational education and integrate industry needs with educational offerings.
This loan represents AIIB's first non-sovereign-backed educational infrastructure initiative, marking a milestone in the bank’s commitment to supporting private educational institutions. Vocational education plays a key role in bridging the skills gap and adapting to evolving job market needs, thus contributing to broader economic growth.
Najeeb Haider, AIIB's Director General of Project and Corporate Finance Clients Department, highlighted the project's significance, noting that it serves as a valuable model for similar initiatives in other AIIB member economies. Dr. Yu Kai, Co-Chairman and CEO of China Education Group, emphasized that the collaboration will help meet critical workforce demands and contribute to the local economy by providing industry-relevant education.