Ashesi Univ II (IFC-39192)

Countries
  • Ghana
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 15, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
ASHESI UNIVERSITY COLLEGE
The holder of the loan, grant, or other investment.
Sectors
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 28, 2017

Disclosed by Bank Mar 14, 2017


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Project Description
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.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Company: Ashesi University College Point of Contact: Casper Annie Title: Director of Logistics and Facilities Telephone Number: +233 302 610 339 Email: cannie@ashesi.edu.gh Mailing Address: PMB, CT3, Cantonment, Accra ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/