Wema Bank Plc, has committed to provide Project Finance facilities to Afe Babalola University, Ado Ekiti, Nigeria (ABUAD), for the execution of various projects under the University’s Infrastructure Development Programme Phase II.
According to the agreement signed between Wema Bank and ABUAD, the Bank will finance the projects in partnership with the African Development Bank (AfDB) and 3 other local banks.
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.
“Wema Bank has always supported projects that can improve access to affordable education and ensure the quality of graduates churned out by our Universities”, says Wole Akinleye, Executive Director, South Directorate. “The impact of such project as embarked upon by ABUAD cannot be over emphasized in the creation of jobs amongst other social benefits”, he added.
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.
The signing ceremony was held at the premises of AfDB in Abuja with the representatives of the University and lending partners (Wema Bank Plc, Sterling Bank Plc, United Bank for Africa Plc, Union Bank Plc, African Development Bank) as well as the legal partners, Templars Barristers and Solicitors in attendance.
