The African Development Bank has approved an eight-year US $40-million corporate loan to Afe Babalola University (ABUAD) in Ado Ekiti (Nigeria), to finance part of the university’s expansion plan.
The bank mentioned this in a statement on its website AfDB approves US $40-million corporate loan for Afe Babalola University (ABUAD) .
The project, approved by the AfDB Board on October 19, 2016, is the Bank’s first private-sector transaction in the education sector and is therefore a pioneering project. With emphasis on entrepreneurial and leadership skills
The project will make ABUAD a centre of excellence for tertiary education in Africa, expanding access to high-quality education to over 10,000 students per year.
The expansion plan consists of construction of new facilities – including a 400-bed teaching hospital, an industrial research park, and a small hydro power (SHP) installation (1.1 MW), and capacity strengthening of ABUAD’s administrative and governance structures.
The project is to create 250 new staff positions, as well as about 1,000 temporary jobs across the construction, supplies and consulting in the value chain. Full/ partial scholarships and other forms of substantial financial aid will be provided to over 500 students beneficiaries during the life of the loan.
ABUAD is expected to 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 programs. The Bank’s financing will help the university realize its ambitious vision to double its student capacity by 2025, while having strong demonstration effect for the development of the tertiary education sector in Africa.
The university is also expected to use the loan to strengthen its administrative and governance structures.