EAFIT University (Spanish "Universidad EAFIT"), is a Colombian university located in El Poblado District - Medellín, This private university was created by the enterprise groups of Medellín in order to create a professional background for the development of the industrialization process in Colombia. It was approved by the Ministry of Education on May 6, 1971 and it has three branches in Bogotá, Pereira and Rionegro. The word EAFIT is a Spanish abbreviation for Escuela de Administracion y Finanzas e Instituto Tecnológico. Initially, EAFIT started off as a "School of Management and Finance". Later on, when two-year technological programs were offered, its Institute of Technology part was created. Finally, the institution organized itself as a university, offering longer, five-year programs, thus receiving its current name "Universidad EAFIT". Eafit University was founded in 1960 by a group of enterpreneurs in Medellín with the goal to create professionals ready to answer the new challenges in management, finance and technology for the development of Colombia with the compromise of its industrial organization and economic growth.