460 needy students to benefit from ‘MUST Endowment Fund’ initiative 

At least 460 needy students from Malawi University of Science and Technology (MUST) are expected to benefit in the first cohort of the newly launched  MUST Endowment Fund (MEF) in various programs.

This was disclosed on during the official launch of the program which was held at University’s campus in Thyolo where the first group of recipients of the scholarship were recognized.

The fund which was established in 2021 is aimed raising resources to support the University’s wide activities which among other things include reaching out to the needy students pursuing various programs at the campus by providing financial assistance.

Chairperson of MUST Investment and Finance Committee Council, Boyd Luwe disclosed that the fund has been ideally setup after discovering the increase number of students who are struggling to pay tuition fees, upkeep costs as well as gadgets a development which was affecting performances in their studies as they were spending time going around searching for support from well-wishers.

Luwe said the University therefore decided to strategize and find a lasting solutions by setting up K1. 3 billion,  invest in local financial whose main objective is help the needy students to complete their studies.

“The way this fund has been set up, it will leave beyond us in perpetuity because we only re-distribute 5% percent of the funds after

a 3-year-period.

“We believe this is the solution answering alot of cries from young Malawians that are failing to report at the University, struggling to complete their studies so we are lending a helping hand so that Malawi can realizes dream of becoming a middle income country in the near future,” said Luwe.

However, Luwe further challenged the first cohort of the beneficiaries doing various courses to go out and be ambassadors of the fund by making the fund deliver its greatest sense of achievement by emerging as leaders in different levels of society in the country be it private sector level, local government level as well as national government level because the initiative is there to build Malawi through resourcing and making sure students are finishing the studies they chose to do.

One of the sponsors of the initiative, Standard Bank Plc through its Chief Executive Officer Philip Madinga said they thought it wise to partner MUST because education is a very critical element of the future of the country.

“As a Bank we want to see quality, inclusive education and make sure education is provided to everyone across the country even to needy students.

“We saw it fit to join the initiative because it is inline with the Malawi 2063 agenda as well as our vision as a Bank,” said Madinga.

One of the beneficiaries, Anastasia Mwamadi promised to work extra hard and smart in order to become successful in her studies.

Other sponsors of the endowment fund include, Illovo Sugar Malawi as well as National Bank of Malawi (NBM).