Malawi University of Science and Technology (Must) has set up an endowment fund that seeks to create sustainable support for needy students at the institution.
The Must Endowment Fund is a mechanism that the university has come up in a bid to create sustainability in terms of finances and it will receive money from sponsors which will be invested as a pool.
Briefing the media at the institution’s campus at Ndata in Thyolo District on Tuesday, Must director of finance and investment Macdonald Hudge said the fund is expected to help in boosting research and innovation.
He said the fund will also enable the institution to be self-reliant and become less dependent on government in the long-term.
Said Hudge: “Looking at the trend of funding the last five years, we noticed that the government is under serious strain to meet the needs of us as a university along with other public universities.
“So, we are trying to create other avenues that can give us extra resources and we think the endowment fund is one such avenue.”
He said those that will invest in the endowment fund will in return have numerous benefits based on the amount of money they decide to invest, adding that it is open to both individuals and the corporate sector.
The minimum investment for an individual is K5 million while the minimum investment for the corporate sector is K20 million, Hudge said.
“However, both corporates and individuals may decide to invest lower than the set minimum amounts, but benefits will differ,” he explained.
The benefits, include investors getting a chance to name their proposed funding area, use the institution’s facilities or attend trainings at lower rates.
On his part, director for Must Institute of Industrial Research and Innovation David Mkwambisi said the fund will also help in realisation of the Malawi 2063 Vision of industrialisation.
He said as part of the official launch, Must will on Saturday hold a golf tournament that will be attended by Vice-President Saulos Chilima, and later a dinner where people will be briefed on how they can invest in the fund. Both the golf tournament and dinner will be free.