I AM delighted to read that the World Bank has approved US$10M credit to the University of Guyana to support the Science and Technology Faculty. However, at the same time, I am a little confused by this news. Anyone who knows about Guyana knows that the University of Guyana has been the premier educational institution that has served not only Guyanese but students from across the Caribbean region. However, it is public knowledge that the University is in need of financial resources.
This is so despite the Government of Guyana’s efforts over the years to continue to support the University.
While a few might say that the government has starved the University, a view I do not share, it is also public knowledge that the government has invested in the expansion of the University.
The Tain Campus in Berbice, the ICT Lab, and the introduction of the Medical and Law schools, not to mention the continuation of the much-needed student loan to Guyanese students.
Notwithstanding these investments, the financial difficulties of the University very much remains. It is based on this fact that I am delighted that the World Bank has injected a significant sum into the University of Guyana, and I wish to applaud this financial institution for making such a worthy investment in that institution.
This however brings me to some of the concerns that I have, which I hope the World Bank office in Guyana, the University of Guyana and the Ministry of Education can shed some light on.
Given the financial situation at the University of Guyana, how will they repay this loan to the World Bank? I am assuming that this is a loan and not a grant, since all the daily newspapers (Stabroek News, Guyana Chronicle, Guyana Times, Kaieteur News) have in their articles it is a loan.
My question to the World Bank is: Has this loan been given on concessional terms? If so, what are the payback terms and conditions, including the rate of interest.
To the University: What are the implications of this loan on the students regarding tuition fees, given the financial situation of the University? And to the Ministry of Education: Should the University fail to repay this loan, would the Government of Guyana have to step in to repay it?