Home' Trinidad and Tobago Guardian : January 19th 2014 Contents A32
Sunday Guardian www.guardian.co.tt January 19, 2014
BRIDGETOWN, BARBADOS---A partnership forged
11 years ago between two leading regional entities
has seen CIBC FirstCaribbean International Bank
contributing over US$1.425 million to the University
of the West Indies. The funds have gone to support
the education of the region s young people, with
a special emphasis on development in areas such
as research in banking and finance and issues affect-
ing Caribbean entrepreneurship, and financial sup-
port for young people pursuing a course in higher
education at one of the UWI s three campuses.
This long-standing partnership was renewed for
another three years when CEO of CIBC FirstCaribbean
and chairman of the ComTrust Foundation, Rik
Parkhill, and pro vice chancellor and principal of the
University of the West Indies, Cave Hill, Professor
Sir Hilary Beckles, signed another memorandum of
understanding (MOU) recently at the bank s head
office at Warrens, St Michael. The ComTrust Foun-
dation is the bank s charitable foundation established
to oversee its corporate giving programme.
CIBC FirstCaribbean is extremely proud of this
long-standing partnership, which goes beyond the
provision of a sponsorship cheque, and sees the two
entities working together in a number of projects
throughout the life of each MOU. This is the fourth
MOU between the two entities, the first being signed
in 2003 in Jamaica.
Through the current three-year MOU CIBC First-
Caribbean and UWI will collaborate across four areas:
the advancement of knowledge and understanding
of issues affecting business, trade and financial services
in the Caribbean context; the support and develop-
ment of UWI students from around the region; the
enhancement of research in banking and finance at
UWI; and the joint pursuit of mutually beneficial
business and corporate image initiatives.
Specific initiatives borne out of the collaboration
in the new MOU include a grant of US$15,000 to
support a quarterly business forum organised by UWI
to discuss key issues facing regional economies and
financial services sector; and funding a scholarship
programme for UWI students valued at US$112,500.
Each year, through the CIBC FirstCaribbean s fund-
ing, scholarships valued at US$2500 each are awarded
to 15 undergraduate students enrolled at the UWI.
More than 180 scholarships have been awarded
over the life of the bank s 11-year partnership with
UWI. For the first time this year, the MOU also
includes provision for the award of a scholarship to
a student reading for a postgraduate qualification.
Support is also given to student entrepreneurs
with seed capital of US$45,000 through UWI s Stu-
dent Entrepreneurial Empowerment Development
(SEED) project. The programme equips students with
knowledge and practical skills in entrepreneurship,
several of whom have gone onto business success
and further acclaim.
The bank sponsors an annual competition in which
students enrolled in SEED present the business plans
for their companies and are awarded cash prizes that
go towards their businesses.
Furthermore, research on issues important to bank-
ing and financial services will be supported through
a grant of US$82,500. This grant will be awarded on
a competitive basis to researchers on all three cam-
puses of the UWI with results being published as
well as shared at a research symposium.
The MOU also makes provision to continue the
bank s financial support of the annual CIBC First-
Caribbean Frank Worrell Memorial Lecture with an
annual grant of US$5,000. There is also provision
for senior employees of the bank to serve as guest
lecturers in their field of expertise at the UWI s three
campuses, and for CIBC FirstCaribbean s support of
the UWI s graduate placement programme.
US$1.425m in UWI
CEO of CIBC FirstCaribbean and chairman of the
ComTrust Foundation Rik Parkhill, left, and pro vice
chancellor and principal of the University of the
West Indies, Cave Hill, Professor Sir Hilary Beckles
signing the MOU to continue the long-standing
partnership between the two entities in support of
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