Parliament has approved a total of €55.024 million credit facility agreement between the Government of Ghana and the Deutsche Bank to finance the development of Phase- Two of the University of Environment and Sustainable Development (UESD) at Somanya in the Eastern Region.

The agreement is made up of a Sace Buyer Credit facility of €41.358 million and a Commercial facility of €13.666 million.

Under the terms and conditions of the two facilities, the Buyer Credit Facility has a tenure of 13 years, three years grace period at an interest rate of six months Euribor benchmark + 1.8 per cent per annum.

The Commercial Facility has a tenure of five years, a grace period of one year and a-six month Euribor + 5 per cent per annum.

The objective of the Phase Two project is to significantly expand the facilities of the University of Environment and Sustainable Development (UESD), thereby increasing the potential number of students and providing complementary supporting structures to students.

The scope of works to be executed at the university include; the construction of the Faculty Building for the School of Natural Environment Sciences, School of Agriculture and Agro-Entrepreneurship Development, a laboratory, a lecture hall and library, residential building, football pitch, handball/ baseball, badminton, tennis courts and a tartan track.

Additionally, the National Council for Tertiary Education is undertaking some additional infrastructure at the campus of the UESD with funding from the Ghana Education Trust Fund.

These, when completed, would further complement the facilities already provided under the Phase 1 project.