Old Mutual gives Ministry of Education K150m sponsorship for needy students
Ministry of Education, Science and Technology and Old Mutual Foundation Trust have signed a K150 million Memorandum of Understanding (MOU), which will see the foundation supporting 100 needy students annually.
Speaking during the signing ceremony Old Mutual Foundation Trust Fund Chairperson, Taonga Manda, said the 100 needy students in national secondary schools are expected to benefit with tuition fees through a bursary program every year in the next three years.
“Old Mutual (Blantyre) Foundation Trust is investing MK150 million in this initiative and our motivation has always been to allow every deserving Malawian to enjoy the right to education as stipulated in the Malawi constitution,” he said.
Manda said the foundation has already spent MK45 million in the first year where 100 students have benefitted in the bursary program and the signing of the MOU was only coming as a reassurance that Old Mutual is committed to this course.
“As a responsible business, our desire is to impact and leave a positive mark on individuals and communities we operate in. We want to help significantly by contributing to make Malawi achieve goal number 4 of Sustainable Development goals which aims at ensuring inclusive and equitable quality education and promote lifelong learning opportunities for all and the Malawi Growth.
“We also want to support Development Strategy number 3 whose clear goal on education is to Improve quality and relevant education and skills for all,” he said.
Manda stated that in the Malawi’s long-term blueprint, the Malawi 2063, education has been identified as a key for socio-economic development and industrial growth as it facilitates skills development.
He said the attainment of this education goal heavily lies on increasing access to education opportunities through bursary programs like this that Old Mutual is implementing in partnership with the Ministry of education Science and Technology.
“Old Mutual Malawi acknowledges that it is the duty of Ministry of Education to create the conditions that make it possible for non-state actor institutions as partners, to establish and maintain educational institutions that can run both effectively and efficiently in keeping with the Constitution of the Republic of Malawi; Education Act, National Education Sector Investment Plan (NESIP); Sustainable Development Goals (SDGs); United Nations Convention on the Rights of the Child (UNCRC); the National Policy on Early Childhood Education, National Policy on Special Needs Education and such other provisions enacted or recognized by the Malawi Government,” he said.
He said as a company, they were greatly indebted to the Ministry of Education for creating this conducive environment that is allowing companies that share values to come in and impact the education sector.
Principal Secretary in the Ministry of Education, Chikondano Mussa, said that she was pleased that Old Mutual has shown that it is committed to promote education through supporting students and she further appealed to other players in the corporate world to take an example.
“I am calling all well-wishers to take examples from what the Old Mutual has done, today in supporting students,” she said.
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