African Development Bank (AfDB) in collaboration with four Nigerian Banks have signed Memorandum of Understanding (MoU) to provide Project Finance facilities to Afe Babalola University (ABUAD), Ado Ekiti, for the execution of various projects under the University’s Infrastructure Development Programme Phase II.
According to the agreement, United Bank for Africa Plc (UBA), Wema Bank Plc, Sterling Bank Plc, Union Bank Plc will finance the projects in partnership with the African Development Bank (AfDB).
A statement issued by Wema Bank explained that the projects under consideration include a 400-bed teaching hospital, an industrial research park, a post-graduate school, student hostels, a central library, and a small-scale hydropower plant.
Executive Director, South Directorate of Wema Bank, Wole Akinleye, said:“Wema Bank has always supported projects that can improve access to affordable education and ensure the quality of graduates churned out by our Universities.The impact of such project as embarked upon by ABUAD cannot be over emphasized in the creation of jobs amongst other social benefits”.
The Vice Chancellor of the University, Prof. Michael Oluwafemi Ajisafe, explained at the signing ceremony that the expansion projects will improve access to high quality education for over 10,000 students, create 250 new staff positions as well as generate about 1000 temporary jobs across the construction value chain linkages.
In addition to various multiplier benefits to be derived, it is hoped that the University would generate over 12,000 high quality and employable graduates during the loan period and beyond.
