Education
CARIB | Nov 27, 2020

UWI pushing for sustainable funding strategies as COVID-19 weakens economies

/ Our Today

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Photo: Facebook @UWImona

Though the scope of the COVID-19 global pandemic might have been difficult to foresee at its onset, The University of the West Indies (The UWI), says it has been both strategic and resourceful in seeking the funding needed to uphold its mandate of “propelling the people of the region along a progressive and prosperous path”.

Among the pandemic’s negative effects on the Caribbean region is the weakened economy, projected to contract by approximately eight per cent in 2020. Consequently, many contributing governments have found themselves unable to meet their financial commitments to The UWI.

FUNDING A PRIORITY

With the region’s ability to attain its higher education objectives considered critical to its quest to become globally competitive and to provide a dignified, prosperous and sustainable lifestyle for all its inhabitants, adequate funding remains high on the university’s list of priorities.

Sir Hilary Beckles, vice-chancellor of The University of the West Indies (Photo: Caricom)

During a virtual media engagement held earlier this month, Professor Sir Hilary Beckles, vice-chancellor of The UWI, elaborated on recent initiatives taken by the university to leverage and convert its global reputation into revenue generation.

Sir Hilary said that, on October 14, the university convened a landmark virtual Development Partner Forum, themed ‘Investing in higher education to build more diversified and resilient post-COVID economies’, which drew more than 100 participants.

The discussion revolved around the mobilisation of international resources to support the regional objectives of CARICOM. The forum, held in conjunction with the Economic Commission for Latin America and the Caribbean (ECLAC), brought together leading international donors such as the World Bank, the IMF, the United States Agency for International Development (USAID), the European Union Aid, and agencies from Canada and Australia for a bilateral discussion.

“This was arguably the first time that The UWI was able to sit down with all the global development partners and speak about the future of the Caribbean,” Sir Hilary said in a statement from The UWI today.

US$600-million trust fund

Through this multi-partner approach, The UWI is seeking to establish a US$600-million trust fund over three years for the Caribbean’s human capital development. It is hoped that this investment will help stem the systemic decline in the region’s higher education and research sector.

Photo: Facebook @UWImona

The meeting with ECLAC was preceded by The UWI’s successful bilateral conversation with the Open Society Foundations (SOROS Foundations), the highest funded private foundation in the world, which is committed to working with like-minded entities globally to promote justice, democratic governance and human rights. The result of this engagement was the signing of a memorandum of understanding in September 2020.

Among the areas of focus will be The UWI’s wide-ranging climate change research and focus on climate justice, as well as the consolidation of climate initiatives through The UWI’s Global Institute for Climate-Smart Studies
and Resilience (GICSRS).

Photo: Facebook @UWImona

Each campus is also developing bankable projects to take to market.

Among the signature ones are The UWI Global School of Medicine at Debe, Trinidad, and the move by The UWI Open Campus to provide online education products to new markets like Guyana.

The delicate balancing of revenue generation and cost containment remains a priority for the university system. Therefore, developing on the concept of The UWI’s next funding frontier, which Sir Hilary introduced in May in his annual report to Council, he re-emphasised the two-pronged ‘Ten in Two Strategy’, which mandates a reduction in expenditure across the board of 10 per cent in two years.

Photo: Facebook @UWImona

Through careful re-evaluation and revision of its expenditure, The UWI has succeeded in further cutting its budget by six per cent in 2020.

These initiatives, according to the vice-chancellor, are reflective of a UWI that is becoming more agile, sustainable and equipped to exercise its mandate.

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