Zimbabwe on Wednesday announced its plan to build a $1 billion university to honour its 93-year-old President, Robert Mugabe.

“Cabinet has approved the establishment of the Robert Gabriel Mugabe University,” Jonathan Moyo, minister of tertiary education, told a news conference.

“There can be no better recognition of President Mugabe’s commitment to education and his exemplary leadership.”

The government’s school of intelligence, a main street in the capital Harare and the highway to his rural home had earlier been named after the President.

Moyo said the postgraduate university, to be located in Mazowe, 35 km (20 miles) outside Harare, would cost $1 billion, but he declined to say how the country would afford to pay the sum.

Construction would cost $800 million, with $200 million for an “endowment fund for research and innovation,” Moyo said.

Mugabe, who had ruled the country since 1980, will contest elections due next year despite his age and health issues.