The loan facility is made of a Sace Buyer Credit facility of €41.358 million and a Commercial facility of €13.666 million which has a tenure of 13 years and 5 years respectively.
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Parliament approves €55 million for for phase-2 of Eastern University
Parliament has approved a loan facility of €55 million for the second phase of University of Environment and Sustainable Development (UESD), also know as Eastern University, at Somanya in the Eastern Region.
Parliament approves €55 million for for phase-2 of Eastern University
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In addition, the Buyer Credit has a three years grace period at an interest rate of six months Euribor benchmark + 1.8 per cent per annum while 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 phase two of the project will see the expansion of a significant expansion of the University's facilities so as to increase the number of students and as well 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.
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