By Gift Sitima:
Standard Bank has commended Malawi University of Science and Technology (Must) for growing its Endowment Fund investment to K3.4 billion.
The fund is projected to grow further to K4 billion by March 31, 2024.
Standard Bank Head of Business and Commercial Banking Graham Chipande made the remarks at Must in Thyolo when the bank handed over a third sponsorship of K20 million to go towards the fund.
“We are happy to see that our previous sponsorship has made a great contribution to the fund, which has seen a 59 percent growth. We believe that investing in human capital contributes positively to the overall growth of our nation,” he said.
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Must Vice Chancellor Address Malata thanked the bank and other partners for their support.
“The third year of the initiative marks the time when the fund becomes operational, supporting students after it has accumulated interests,” she said.
Malata also revealed that over 100 needy students are going to benefit from the fund.
“It is the first time in Malawi that the university, through the MEF, will be able to support needy students. This gives us more reasons to support this fund,” she said.
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Standard Bank committed a sponsorship of K80 million for four years.
