CIBT Receives Approval on Student Loan Programs Sponsored by local Chinese Government
CIBT School of Business & Technology Corp. (“CIBT”), a subsidiary of Capital Alliance Group Inc. (TSX-V: CPT) and a leading business school in China, is pleased to announce that it’s subsidiary, CIBT Beihai International Management School (“CIBT Beihai”) located in Weifang city, Shandong province, China has received official approval from the Weifang Municipal Government to sponsor a student loan program for future students enrolling into CIBT Beihai.
Under the terms of the approval, the Weifang government will sponsor the qualified loans for a maximum repayment period of six years from the date of advancement, with all interest paid by the Weifang Municipal Government. Loan advancements are subject to the standard loan application approval process and students meeting the required loan qualification criteria as determined by the banks. The loans will be advanced through the Bank of China, and the Construction Bank of China . Several other banks are currently under negotiation with CIBT Beihai and its Chinese local partner, Weifang University to become qualified vendors for the loan program.
“Although student loan programs are well developed in North America, they are considered a pioneer development for the Chinese education sector, particularly with approval and sponsorship by the government”, stated Toby Chu, President and CEO of CIBT, “As China’s education market continues to grow, this loan program will allow a wide segment of students to enroll into our international programs with lesser concerns of affordability. CIBT will continue to introduce the latest business operating models, that are well proven in North America , and will introduce the same models to the growing needs of the Chinese education market.”
Founded in 1994, CIBT School of Business is a leading business school in Beijing , China. CIBT operates two campuses in Beijing , a campus in Weifang, and three learning centers in other cities in China . CIBT has academic partnerships with Beijing University of Technology and Weifang University , and delivers postsecondary business and technology education to students and corporations in China . By cooperating with leading education providers in North America, Europe and Asia, CIBT continually develops advanced curricula to meet the needs of China ‘s growing economy. CIBT websites are: www.cibtcorp.com and www.cibt.edu .
On Behalf of the Board of Directors of CIBT.
President and C.E.O
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