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EAFIT University was founded in 1960 by a group of entrepreneurs in Medellín — the name abbreviates Escuela de Administración, Finanzas e Instituto Tecnológico — to educate professionals for the new challenges of management, finance and technology; the first cohort numbered 59 business administration students. Approved by the Colombian Ministry of Education in 1971 and organised as a university in 1975, it now offers 23 undergraduate programmes, 34 master's and six doctoral programmes, with branches in Bogotá, Pereira and Rionegro, and was the first Colombian university to earn the Ministry's institutional high-quality accreditation twice in a row.
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Description sources: en.wikipedia.org