As a way of supporting the education sector and helping needy students, Standard Bank Malawi has fulfilled its pledge of K20 Million to the Malawi University of Science and Technology (MUST) which is part of the K80 million pledge that the bank pledged to assists the University where about 100 students will benefit.
The Endowment Fund among other things will help to provide scholarships to needy students at the Malawi University of Science and Technology (MUST).
According to MUST’s Vice Chancellor, Prof. Agness Malata, the funds also aim at reducing over-reliance on Government subversion.
Malata also said the funds will help the University in its innovations and research.
Standard Bank pledged to contribute K80 million in a period of 4 years.
So far, the bank has given MUST K60 Million as part of its K80 Million pledge to the Endowment Fund contribution.
Standard Bank’s Head of Business and Commercial Banking, Graham Chipande thanked the University for the arrangement as he said it is sustainable
The MUST Endowment fund was launched on 10 July 2021 by Vice President Saulosi Chilima as a way of reducing over-reliance on Government in the day to day running of the University and Standard Banks has been contributing K20 million each year since then.
Malata told MIJ Online that when companies and individuals contribute to the funds, their contribution acts as capital where the University invests the money and it only use the profits from that investment to help needy students at MUST while living intact the initial capital.
Currently the Endowment fund has consolidated close to K4 Billion.
