FirstCaribbean International Bank
and the University of the West Indies Cave Hill Campus in Barbados have joined
forces to assist young entrepreneurs.
The Bank has pledged grant funding
of US$45,000 to provide seed capital on a competitive basis to graduates of the
UWI Cave Hill’s Student Entrepreneurial Empowerment Development programme to
help them start businesses. The SEED
programme is designed to encourage and develop entrepreneurship, self-reliance
The support has been pledged by
FirstCaribbean under a new Memorandum of Understanding initialled by Chairman
of FirstCaribbean International Bank Michael Mansoor and Pro-Vice-Chancellor
and Principal of the Cave Hill Campus Professor Sir Hilary Beckles, at
FirstCaribbean’s headquarters at Warrens, St. Michael, Barbados.
This is the third consecutive MOU
between the University and the Bank, covering a three year period. The MOU will
serve as a framework within which the two institutions will collaborate in
support of regional development and for the mutual benefit of both institutions
and will benefit students and researchers on all UWI campuses.
The Memorandum provides for the
Bank’s disbursement of US$375,000 to the UWI in equal tranches of US$125,000 in
each of the three years 2010 to 2012 and the partnership commitment covers the
following broad areas:
- the advancement of knowledge
and understanding of issues affecting business, trade and financial services in
the Caribbean context.
- the support and development of
UWI students around the region.
- enhancement of research in banking
and finance at UWI.
- mutual use of services and joint
pursuit of mutually beneficial business and corporate image enhancement opportunities.
Student support and development
will account for more than half of the grant, with US$112,500 allocated to
continue to cover 15 annual scholarships over the three year period. Each
scholarship is valued at US$2,500 to UWI undergraduate and/or graduate
students. Another new feature of the agreement is a pledge of US$41,250 towards
the establishment of a pilot graduate placement programme at the Cave Hill
Campus to facilitate students’ transitioning to the world of work.
The MOU will provide continued
support to UWI researchers on the three campuses to enable them to conduct
research on issues of importance to the banking and financial services sector
through a new grant of US$86,250.
The UWI Case Study Development
Project has also received a further grant of US$75,000 over the three years and
the Bank has indicated its intention to continue as official sponsor of the
annual Frank Worrell Memorial Lecture.