The Huang-Bohai campus of the Yantai Institute of Science and Technology. [Photo/ytcutv]

The Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB) have extended their first loan in the Chinese education sector to the Yantai Institute of Science and Technology during a financing signing ceremony held in the Yantai Huang-Bohai New Area on Dec 6.

This 7-year loan, totaling 1.14 billion yuan ($157 million), is primarily designated for the green and low-carbon construction of the Huang-Bohai campus of the Yantai Institute of Science and Technology. It is aimed at fostering the development of more high-quality talent in the Huang-Bohai New Area.

Established in 2005, the Yantai Institute of Science and Technology is a full-time undergraduate institution primarily focused on engineering, management, and arts, with over 23,000 students. Phase I construction of the Huang-Bohai campus commenced in July 2023 and began operating in September 2024.

The environmentally conscious approach embraced during the construction of the new campus aligns with the sustainable investment direction of AIIB and ADB in China in recent years.

"The construction of the new campus at the Yantai Institute of Science and Technology incorporates the concept of a sponge city, in line with our vision for green and sustainable development. We aim to support its modern green campus construction, setting an example for the development of green and low-carbon campuses in China and beyond," stated Safdar Parvez, chief representative of ADB's China Office.

For the Yantai Institute of Science and Technology, this funding undoubtedly serves as a solid foundation for the high-quality and sustainable development of the institution.

"This collaboration fully demonstrates the recognition and affirmation of the business environment in the Huang-Bohai New Area and the academic strength of the Yantai Institute of Science and Technology by international financial institutions, providing ample financial security for the school's subsequent construction," said a representative from the college.