$1 billion grant approved for Mugabe University in Zimbabwe

The cash-strapped government of Zimbabwe announced Wednesday that it has approved a grant of $1 billion for the construction of a university to be named after the country's President Robert Mugabe.

"The ministry is privileged and excited about the cabinet's decision to establish The Robert Mugabe University. There can be no better recognition of President Mugabe's commitment to education and his exemplary leadership," Zimbabwe's minister for higher education, Jonathan Moyo, told reporters in Harare.

He said the institution would be built in Mazowe -- a farming area about 30 kilometers north of Harare.

"We are looking forward to working with the Robert Gabriel Mugabe Foundation and the University of Zimbabwe to establish the university. The Robert Gabriel Mugabe University will be an institution designed to facilitate the discovery of scientific, technological and engineering solutions to improve the quality of life of our country and humanity."

Last month the 93-year-old Mugabe urged his ruling ZANU PF party to ensure that his legacy remains "long after" he is "gone."

Mugabe has indicated that he will stand in next year's elections.