39192
ASHESI UNIVERSITY COLLEGE
Mar 14, 2017
Ghana
Africa
Feb 1, 2018
B - Limited
Active
Approved : May 19, 2017
Signed : Jul 3, 2017
Invested : Jan 30, 2018
Colleges, Universities, and Professional Schools
Health, Education and Life Sciences
Regional Industry - MAS Africa
Ashesi University College (“Ashesi” or the “University”) is a private not-for-profit secular higher education provider in Ghana which began instruction in 2002. In 2009, IFC provided Ashesi with a $2.5 million loan (to relocate and build the University permanent campus in Ghana’s Eastern region approximately 25 kilometers north of the capital city of Accra, in a rural area on a land that was owned by the Berekuso community, to develop academic capacity for 600 students including campus infrastructure, academic buildings, libraries, cafeteria and dormitories for 240 students. The project successfully completed in 2011.
The environmental and social information related to this previous phase was disclosed on the IFC Project Information Portal at https://disclosures.ifc.org/#/projectDetailESRS/333.
The proposed investment (Ashesi Univesity II) includes a $10 million senior loan to Ashesi to support the construction of new educational infrastructure for the students that will include (i) a research and learning center; (ii) student hostels; (iii) a student center; (iv) an innovation center; and (iv) a sports center. The new buildings will be constructed on the existing land that was acquired and cleared by Ashesi as part of the previous phases of the project. The construction will start as soon as Ashesi gets the finance and will last for approximately 24 months.
IFC’s review included interviews with Ashesi’s associate director, director of logistics for the university as well as Ashesi’s environmental and social Consultants on January 18, 2017. IFC also reviewed the information available on the project, including Ashesi Environmental Policy, the original ESIA developed for the previous phases of the Project, the information related to the land acquisition process, technical information related to the biogas plant and effluent analytical results as well as Ashesi organizational chart. An ‘Environmental and social assessment report’ related to the new extension Phase of the project and developed by Ashesi’s consultant was also provided to IFC for review in February 2017.In addition, IFC has performed periodic supervision visits to the project and has reviewed the company’s annual environmental, health and safety report for its existing investment. The environmental and social (E&S) performance has been excellent to date based on IFC review, reflecting the company’s ability to manage the environmental, health and safety risks associated with its operations in compliance with IFC’s requirements.