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| AshesiUniversity |
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| Summary of Proposed Investment |
| This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. |
| Project number | 27152 |
| Company name | Ashesi University College |
| Country | Ghana |
| Sector | Education Services |
| Environmental category | B |
| Department | Health and Education |
| Status | Pending Disbursement |
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| Date SPI disclosed | December 11, 2008 |
| Projected board date | January 31, 2009 |
| Date revised SPI disclosed | December 17, 2008 |
| Previous Events | Signed: April 3, 2009
Approved: March 30, 2009 |
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| View Environmental & Social Review Summary (ESRS), click here |
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| Overview |
Sponsor/Cost/Location |
Development Impact |
Contacts |
Attachments |
| Project description |
| Ashesi University College, (“Ashesi”) is a private liberal arts college in Accra, Ghana with a student body of 400 students focused on providing quality education, ethics and personal empowerment. Since its opening in 2002, Ashesi has been operating out of leased facilities. Ashesi has embarked on an expansion program and intends to build an entirely new physical campus in Berekuso, 15 miles outside of Accra. The Project comprises construction of the first phase of the expansion program and will include a new set of academic buildings, classrooms, administrative buildings, cafeteria, library new dormitory building and relevant infrastructure. The first phase of expansion will increase capacity to 600 students and provide on-campus housing for 240 students. Future phases of development will increase on-campus housing. |
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| Project sponsor and major shareholders of project company |
| Ashesi University Foundation, a 501(c) 3 public benefit corporation was founded in 1999 to establish a University College in Ghana. Ashesi was founded by Dr. Patrick Awuah, a Ghanaian who after a successful career in the US software industry, returned to Ghana to establish Ashesi University College, a private company limited by guarantee in Ghana governed by a Board of Directors and with its sole legal member being Ashesi University Foundation. The Foundation is governed by a Board of Trustees comprising experienced businessmen. |
| Total project cost and amount and nature of IFC's investment |
| The total Project cost is estimated at US$6.0 million. The proposed IFC investment is a US$2.5 million. |
| Location of project and description of site |
| The new campus will be located at Berekuso, about 15 miles north of the city of Accra. Six years ago, Ashesi acquired 100-acres of vacant undeveloped land which includes a teak farm from the local village community. |
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| Anticipated development impact of the project |
| Ghana's tertiary enrollment rate of 5% is low and the demand for tertiary education greater than current supply. Ashesi aims to educate a new generation of ethical, entrepreneurial leaders in Africa. The Project will increase access and delivery of good quality tertiary education in Ghana and support Ashesi in the next phase of its expansion and growth with the construction of its own physical campus facilities. In a short time, Ashesi has achieved an excellent local reputation and is known as one of the best private tertiary education institutions in Ghana. It is contributing to setting good quality industry standards with a strong demonstration effect for the local tertiary education sector (public and private) and has a high rate of graduate employment. Ashesi also provides a substantial financial aid program – currently about 40% of its students are beneficiaries of this program. |
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| IFC's expected development contribution |
| IFC’s key roles in this project are: IFC will provide long term flexible financing at affordable terms which are currently unavailable in Ghana. Such long term financing is scarcely available for tertiary education projects in the Ghanaian market; IFC may also provide competitive local currency financing (depending on the risk-reward of such financing and availability of such financing in Ghana); IFC will contribute its global education sector knowledge and best practices for sustainable university operations and management, similar other expansion projects, corporate governance, insurance, environment and social issues and financial management. |
| Environmental and social issues - Category B |
The Project involves a green-field development in a peri-urban area. The key social, environmental, health and safety issues associated with this project will include:
- Solid waste management
- Wastewater treatment
- Storm water drainage
- Energy and water conservation
- Worker health and safety
- Life and fire safety
The Project itself will have limited impacts on the surrounding environment. The abovementioned issues can be addressed through known and accepted procedures and technologies to avoid or mitigate social and environmental impacts. Thus, this project has been classified as a Category B according to IFC’s Environmental and Social Review Procedure. |
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| For inquiries about the project, contact: |
Dr. Patrick Awuah, President
No. 87, 3rd Norla Extension
North Labone
PMB CT3 Cantonments
Accra, Ghana
Tel: +233 (21) 777902
Email: pawuah@ashesi.edu.gh
Website: http://www.ashesi.org/ |
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| For inquiries and comments about IFC, contact: |
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster |
| Local access of project documentation |
Dr. Patrick Awuah, President
No. 87, 3rd Norla Extension
North Labone
PMB CT3 Cantonments
Accra, Ghana |
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