Standard Bank honours support pledge to MUST
Standard Bank Plc on January 18, 2023 released its second phase of the K80 million investment towards the Endowment Fund for the Malawi University of Science and Technology (MUST).
The Fund was set up in July 2021 to assist needy students and enhance resource mobilization at the institution.
The Bank committed a four-year sponsorship to the Endowment Fund to be disbursed in four equal annual instalments and the first K20 million contribution was made last year.
This means Standard Bank has now contributed K40 million of the pledged K80 million.
Speaking during the handover ceremony, head of engineering and chairperson of the Bank’s corporate social investment (CSI) committee —William Nuka, said they find the Fund viable in improving access to higher education among needy students and improving general service provision at MUST.
“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 at the same time improving education standards at MUST,” he said.
MUST’s Vice-Chancellor, Professor Address Malata, said through the cordial relationship the university enjoys with Standard Bank, there will be a huge positive growth within the institution.
“Through the Endowment Fund, MUST is aligning itself with the MW2063 development blueprint. Therefore, the contribution is a catalyst for achieving objectives of the plan.
“As an education institution we hope to see the growth of the Endowment Fund’s revenue to K30 billion. Our plan in the long run is to see ourselves internally contributing 40% to our budget thereby helping the government to achieve the MW2063 vision,” she said.