The Resident Representative of AfDB in Nigeria, Dr Dore Ousmane, made this known in an interview in Abuja on Wednesday.
He said that PAU was an initiative of African Union Commission (AU) to establish centres of excellence in some existing universities in Africa.
Ousmane added that one of the centres would be established in the University of Ibadan and that the project was going to deal with life and earth sciences which also had to do with health and agriculture.
He said the project would cost about 45 million dollars to be shared among the selected institutions in Africa.
``The bank is going to start with Nigeria, Cameroon and Kenya; that of Nigeria is about 15 million dollars.’’
He said every necessary process had been carried out and would take off once the board approved it.
According to him, the PAU may come on board by October and will be anchored by AU while the bank would be having an oversight visit to it from time to time.
``One of the problems that have been hindering the growth of Africa is technology gap between it and developed countries.
``If Africa must get to where it is supposed to be, then we must focus on technology.’’
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