The African Development Bank (AfDB) has signed an agreement with Afe Babalola University (ABUAD), Ado-Ekiti, Ekiti State for a corporate loan to finance the institution’s expansion.
A statement from the bank stated that the expansion plan consists of construction of new facilities – including a 400-bed teaching hospital, an industrial research park, a post-graduate school, student hostels, a central library and a small-scale hydropower installation.
The signing ceremony was held at AfDB premises in Abuja with representatives of the university and other lending partners (WEMA Bank, Sterling Bank, UBA, Union Bank and legal partners Templars) in attendance.
The continental bank said the university’sVice Chancellor, Prof. Micheal Oluwafemi Ajisafe, explained that the expansion will improve access to high quality education to over 10,000 students, create 250 new staff positions as well as about 1,000 temporary jobs across the construction, supplies and consulting in the value chain.
In addition, full/partial scholarships and other forms of substantial financial aid will be provided to over 500 student beneficiaries.
With emphasis on life skills, leadership skills and entrepreneurial skills, the university will generate over 12,000 high quality and employable graduates by the end of the loan life, in addition to over 2,400 trained farmers, who will benefit from the university’s farmers training and entrepreneurial programmes.
The industrial research park is expected to galvanise the interest of industrialists and investors to establish SME industries in Ekiti State and improve the state’s revenues by over N50 million annually.
AfDB Nigeria Senior Director Ebrima Faal hailed the project’s design, which he said thoroughly fits into the bank’s High5 priorities by contributing to improve the quality of life for the people of Africa through high-quality tertiary education, job creation and health service provision; fostering industrialisation through its industrial research park, powering Africa through its off-grid renewable Small Hydro Power (SHP) scheme and feeding Africa through its support to local farming businesses.
Faal also highlighted the alignment of the project with two core focus areas of the bank’s Ten Year Strategy, namely skills & technology and private sector development.
ABUAD Bursar Pastor Modupe Babalola assured AfDB and other lenders of the university’s commitment that the project funds will be administered with honesty, transparency and accountability.
These, he said, were among the institution’s core values.
The post Afe Babalola varsity gets AfDB’s $40m loan appeared first on The Nation Nigeria.
from The Nation Nigeria http://ift.tt/2roEfAD
via IFTTT
