27152 - AshesiUniversity

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Summary of Proposed Investment

Project Number

27152

Company Name

ASHESI UNIVERSITY COLLEGE

Date SPI Disclosed

Dec 11, 2008

Country

Ghana

Industry

Health, Education and Life Sciences

Projected Board Date

Jan 31, 2009

Status

Completed

Sector

Colleges, Universities, and Professional Schools

Date Revised SPI Disclosed

Dec 17, 2008

Department

Gbl Ind, Manufact, Agribus & Services

Environmental Category

B - Limited

Previous Events

Approved : Mar 30, 2009
Signed : Apr 3, 2009
Invested : Mar 10, 2010

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.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	2.50
Equity

Development Impact

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.

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.

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.

Contacts

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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Local Access of Project Documentation

Dr. Patrick Awuah, President
No. 87, 3rd Norla Extension
North Labone
PMB CT3 Cantonments
Accra, Ghana

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. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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