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FREDERICTON - A new online university is expected to set up shop in Fredericton's Knowledge Park later this month.

Meritus University will offer a masters degree in business administration and bachelor degrees in business administration and information technology management.

"This is going to bring jobs to the city and the province," said Ryan Donaghy of Business New Brunswick. "Having the newest online degree-granting university in the world, speaks volumes about the progress we've been making in the business and educational environment in New Brunswick."

Meritus University is being established by Apollo Group Incorporated of Phoenix, Arizona.

But Hector Leal, the group's associate vice-president for international academic affairs, said the university's programs will be run mainly by Canadians and contain only Canadian content.

The undergraduate programs will include 120 credits at approximately $275 per credit. The graduate program will be 48 credits for approximately $600 per credit.