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Publish Date : 15-Jun-2017

The African Development Bank (AfDB) has inked deals for a corporate loan to fund the Afe Babalola University (ABUAD)'s expansion in Ado Ekiti, Nigeria.

The project involves the 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 hydro power installation.

The deal was signed in a ceremony 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 Vice Chancellor of the University Prof. Micheal Oluwafemi Ajisafe said the expansion will enhance access to high quality education to more than 10,000 students, create 250 new staff positions as well as about 1000 temporary jobs across the construction, supplies and consulting in the value chain. Additionally, full/partial scholarships and other forms of substantial financial aid will be provided to over 500 student beneficiaries. With a stress 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 programs. The industrial research park is expected to galvanize the interest of industrialists and investors to establish SME sectors in Ekiti State, and enhance the State's revenues by over NGN 50 million annually.

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