University of Douala : F CFA 2.08 Billion Project Launched
The amount is for the “Ngando Mpondo” complex, to be delivered on the 1st of November 2021.
The University of Douala, on Monday June 21, signed a partnership agreement with the United Bank for Africa-Cameroon (UBA) to finance an ultra-modern professional training complex. The project will last for five months, and includes the construction of amphitheatres, classrooms and other University structures, that will make teaching and learning conducive for both lecturers and students.
It is worth mentioning that the University of Douala at the moment suffers from old and dilapidating buildings, with some obsolete equipment that are no longer in use, and crowded amphitheatres and classrooms which is not comfortable for learning process.
With the partnership agreement which entails that the UBA bank will loan out F CFA two billion eighty million, the University will be able to construct a modern complex to improve on the learning conditions.
While signing the convention, the Rector of the University of Douala, Prof Magloire Ondoa, thanked UBA bank for accepting to give out such a loan. While explaining the terms of the loan, he said it will be repaid within one year with an 8% interest rate, which is the best so far. He said financial contracts have also been signed with companies and industries, and will be involved in the realization of the project.
The Rector added that everything has been put in place for the project to be successful. For him, such a partnership was the beginning of many more financial engagements for the growth of the university. He used the opportunity to thank the Head of State for giving State Universities to embark on such engagements. He equally appreciated all the staff members for making it happen.
On his part, the Managing Director of UBA Cameroon, Jude Anele, intimated that upgrading the standards of a university was part of their corporate responsibility. He said: “We believe in the University system, we believe in laying the right foundation for future generation, we believe in education”. He also acknowledged that the partnership agreement is not only for business purposes, but also for the wellbeing of the University.