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Nigeria : Afe Babalola varsity receives $40m loan from AfDB
Publish Date : 15-Jun-2017
The African Development Bank (AfDB) has inked a deal with Afe Babalola University (ABUAD), Ado-Ekiti, Ekiti State for a corporate loan to fund the institutions expansion.
The ADB said the expansion project requires to build 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 deal was signed 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) present at the ceremony.
The continental bank said the universitysVice Chancellor, Prof. Micheal Oluwafemi Ajisafe, explained that the expansion will boost access to high quality education to more than 10,000 students, generate 250 new staff positions as well as about 1,000 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 offered to over 500 student beneficiaries.
