Wema Bank Plc in partnership with the African Development Bank (AfDB) and 3 other local banks have committed to provide Project Finance facilities to Afe Babalola University, Ado Ekiti (ABUAD), for the execution of various projects under the University’s Infrastructure Development ProgrammePhase II.
According to the agreement signed between the banks and ABUAD, 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.
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.
Wole Akinleye, Executive Director, South Directorate 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”, adding that, “The impact of such project as embarked upon by ABUAD cannot be over emphasized in the creation of jobs amongst other social benefits”.
The signing ceremony which was held at the premises of AfDB had 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.