Standard Bank PLC has funded Malawi University of Science and Technology (MUST) K20 million towards its endowment fund which seeks to assist needy students and enhance resources mobilisation at the institution.
Through the endowment fund, Standard Bank committed a four-year sponsorship amounting to K80 million which is distributed in tranches of K20 million per year.
“Standard Bank believes that investment in education contributes positively to the overall growth of our nation. Therefore, the funds we are disbursing today will help students to acquire the desired education while at the same time improving education standards at MUST,” said William Nuka, Head of Engineering and Chairperson of Standard Bank’s Corporate Social Investment (CSI) Committee Nuka.
The Vice Chancellor of MUST, Professor Address Malata predicted positive growth of the institution which will emanate from the cordial relationship between the two entities.
“Since we started our operations in 2014, Standard Bank has been a partner for growth helping MUST be financially sustainable and empowered to support needy students,” said Malata.
She added that as an educational institution MUST hope to see the growth of the endowment fund’s revenue to K30 billion.