Standard Bank donates K20m for MUST needy students

Over one hundred deserving but disadvantaged students at the Malawi University of Science and Technology (MUST) are expected to benefit from a K20 million Standard Bank of Malawi donation.

In an interview with www.capitalradiomalawi.com , the bank’s head of business and commercial banking Graham Chipande said the financial institution made the donation in response to economic challenges which students are facing.

“We are impressed with the way the board has managed the endowment fund especially in helping promote research and provision of scholarships,” Chipande explained.

While acknowledging the gesture by the financial institution, MUST vice chancellor Address Malata said the endowment fund donation will enable them to offer scholarships to over 100 needy students starting from 31st March this year for their study period.

Malata said: “We want to see the endowment grow so that we can assist as many needy students as we can. We would also like to ask the bank to increase the fund because of devaluation.”

The Must Endowment Fund was established with an objective to assist needy students and enhance resources mobilization at the institution. Among other notable successes, the Endowment Fund investment has grown to K3.4 billion.

Through the Endowment Fund, Standard Bank committed a four-year sponsorship amounting to K80 Million which is distributed in an amortized K20 million per year.