THE long-awaited University of Guyana Foundation (UGF) which will be focused on creating a substantial long-term endowment fund for the university was officially launched on Tuesday.

With a huge gap in need for funding, the establishment of the foundation is considered pivotal, not only to the advancement of the university, but a great benefit to the wider Guyanese economy.

The ceremony saw remarks and presentations by Chairman of the UGF and Chancellor of the UG, Professor Edward Greene; Vice-Chancellor XI, Professor Paloma Mohamed-Martin; Minister of Education, Priya Manickchand, and several trustees of the Foundation’s Board as well as representatives from UG’s Alumni and Student Associations.

During his remarks, Professor Greene noted that the university’s administration had identified a number of major grand challenges for the Foundation.

The grand challenges include investing in human capital for a sustainable future with special reference to student centeredness, securing a green sustainably responsible university to serve a green Guyana and sustainable planet, modernising essential systems and services by leveraging technology, and the acceleration of innovation through centres of excellence and research institutes.

“These particular set of grand challenges and priorities were composed by a group of very dedicated members of the board led by Professor Collin Ramsay. As we move forward with how we will meet these grand challenges we are dealing with promoting both UG’s mission and vision, representing UG’s short and long term goals, supporting UG’s development with partners and expanding on the base of associates alumni,” Professor Greene explained.

The UGF will be working separately and in tandem with UG’s Philanthropy, Alumni, Civic Engagement (PACE) Office as well as the UG Alumni Association (UGAA).

Making clear distinction between PACE and UGF, Professor Mohamed-Martin noted that the two departments will have one aim but different mandates; however, she noted that there will be absolute synergy between PACE and UGF. Professor Mohamed-Martin, during her presentation, spoke briefly on the background of the Foundation.

The Foundation has been eight years in the making. It was incorporated in November 2021 after the University Council, in June 2018, approved its establishment, based on a proposal by Professor Mohamed-Martin, who was the Deputy Vice-Chancellor (PACE) at the time.

In October 2020, the Council approved and appointed the first set of trustees of the Foundation’s Board.

Those included former UG Chancellors, Professor Compton Bourne and Professor Nigel Harris MD; Attorney-at-Law, Chandra Persaud; overseas-based entrepreneur, Gabriel Cunje; Securities Fund Manager and Fellow of the Canadian Securities Institute, Fidel Hinds; accountant, former Bank CEO and Chair of the Guyana Stock Exchange, George Edwards, and Professor of Actuarial Science, Colin Ramsay.

Professor Mohamed-Martin also praised the contributions of the late business icon, Dr. Yesu Persaud, who she noted was a huge supporter of the creation of the Foundation.

She underscored that the university needs to raise funding through its own efforts and notwithstanding government’s subventions and fees from students, there still remains a huge gap in the financial need of the university.

Putting this into numbers, she noted that while the university received $3.5 billion in subvention from government in 2022, the university actually needs $11 billion.

Minister Manickchand said UG is ideally positioned to have a transformational impact on the lives of Guyanese and further the country’s ability to attain national developmental objectives.

“It is vital that the university expands its reach to have greater national access and participation while concurrently improving its regional and international footprint and standing. It is within this dynamic country context that the UGF is being launched as a key partner supporting efforts at building a viable premier tertiary institution with universal appeal,” she noted.
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