Listed National Bank of Malawi (NBM) plc Friday committed K60 million to the Malawi University of Science and Technology (MUST) Endowment Fund.
The University launched the Fund on 10th July 2021 in Lilongwe as one way of weaning itself from dependency on government subvention and establishing diversified revenue streams for the University.
Speaking at MUST Campus in Thyolo, NBM plc Chief Executive Officer Macfussy Kawawa hailed the University management for coming up with an idea of an endowment fund.
“As our partner especially in the scholarship program of supporting needy students, we thought as a bank, especially as The Bank of the Nation, we should support this noble cause by our beloved partner.”
“As the Bank of the Nation, we are cognizant of the fact that one of the key enablers of Malawi’s vision 2063 development agenda is the development of human capital through provision of education and skills development for the youth. This is why we at NBM plc have been running scholarship programs for the needy students in our public universities on top of awarding best performing students through our Corporate Social Investment (CSI) program for many years,” said Kawawa.
He announced that NBM plc will be channeling K60 million towards the MUST Endowment Fund to be remitted for the next three years starting this year up to the year 2023 with K20 million each year.
“We believe this is a sustainable corporate social investment which will continue to yield results and support beneficiaries for a long time. We believe our contribution to the fund will enhance our existing relationship with MUST and create continued awareness of our brand as the driver of tertiary education in the country and also as The Bank of the Nation while contributing to the Vision 2063 development agenda,” said Kawawa.
MUST Vice Chancellor, Professor Address Malata said the Endowment Fund will be of benefit for the University, including students.
“We are very excited that NBM has responded to our call. Our Fund has several purposes including supporting needy students, research and teaching, plus infrastructure. What we have done is build the resource base which will take years. The funds will be used to support students since the University will use the benefits, while the principal investment remains intact,” she said.
Malata said by December this year they are eyeing to raise at least K2 billion.
The country’s Vice President, Saulos Chilima graced the launch of the Fund in Lilongwe where a number of companies and individuals made pledges towards the Fund.