LILONGWE-(MaraviPost)-Standard Bank Plc has successfully handed over the final consignment of MK20 million to the Malawi University of Science and Technology (MUST) Endowment Fund, marking the completion of a significant commitment made to support the university’s long-term growth and its educational mission.
The Must Endowment Fund was established to assist needy students and enhance resource mobilization at the institution.
As of last year, it was reported that the fund investment had grown to MK3.4 billion.
According to statistics the MUST Endowment Fund has recorded a growth above inflation of 16 percent since its inception.
Through the Endowment Fund, Standard Bank committed a four-year sponsorship amounting to MK80 Million which is distributed in an amortized MK20 million per year.
Speaking at Must during the handover ceremony of this year’s consignment Standard Bank’ Chief Executive, Phillip Madinga, said that the endowment fund is contributing to the country’s growth agenda.
“This milestone is a testament to our commitment to fostering education and supporting institutions that contribute to shaping future leaders.
“Education is one of the most powerful tools we must create positive change in society, and through this endowment, we are proud to be part of MUST’s journey in nurturing the talents of tomorrow’s innovators, thinkers, and change-makers,” said Madinga.
He expressed satisfaction with the achievements of the fund that resonate with the bank’s goal of improving access to education for young Malawians and enhancing education delivery at the institution.
“We are really pleased to see the efforts that the fund is contributing towards equal access to education at the institution. Furthermore, as a bank we have the confidence with the way the board is managing this initiative,” he said.
The chief executive said that Standard Bank is optimistic that the endowment fund is a catalyst of economic development.
“Standard Bank believes that investment in the human capital contributes positively to the overall growth of our nation.
“Therefore, the fund we are disbursing today will help students to acquire the desired education at the same time improving education standards at MUST,” he said.
Madinga said that the funding aligns well with its core purpose which seeks to see the growth of Malawi in all sectors.
“As purpose driven Bank we believe that “Malawi is Our Home, We Drive Her Growth”. As such we understand the impact of our contribution towards initiatives that are propelling our Nation’s growth such as MUST’s Endowment Fund, and many others” he said.
On her part, MUST Vice Chancellor Professor Address Malata commend Standard Bank for playing an integral part in the creation of a sustainable institution.
“At MUST we are striving to create a conducive environment where no one is left behind in attaining quality education.
“Therefore, to achieve this partnerships are cruacial and we thank Standard Bank for being part of this endowment fund,” said Malata.
The Vice Chancellor said that MUST is an institution that is driving innovation and changing the trajectory of Malawi’s tertiary education.
“We would like to thank Standard Bank for the donation towards the fund. On behalf of beneficiaries I want to say that your help will go a long way. By partnering with MUST you are contributing greatly to our core purposes of driving innovation,” she said.
Standard Bank made the first disbursement of K20 million in 2022 and this year, the bank is proceeding with the final contribution.
This is notably the second contribution the Bank has made in education this year with an initial MK51.7 million contribution towards a secondary school Merit Scholarship administered in partnership with Press Trust.