AfDB approves $45 million grant for creation of a Pan African University

imageThe African Development Bank (AfDB) has approved an African Development Fund (ADF) grant of $45 million to support the creation of a Pan African University (PAU).

The new, university to consist of five Pan African Institutes focusing mainly on science, technology and innovation, would be a major step in strengthening higher education and building human capital in Africa.

The bank said in a statement Monday July 29,2013 that Africa has been slow to develop its science and technology sectors and commercialise its innovations.

Currently the best African university ranks just 113th globally.

The support is in line with the bank’s newly approved 10 Year Strategy for 2013-2022 and responds to the Regional Integration and Skills and Technology Core Operational Priorities of the Bank’s 2013-2022 Strategy.

“Of the 400 top universities worldwide, only four are in Africa, all of which are in South Africa,” said the statement.

“Also, while Africa accounts for 13.4 per cent of the world’s population, it produces only 1.1 per cent of world scientific knowledge.”