THE NATIONAL Commercial Bank (NCB) yesterday launched a $150-million initiative to help the development of local education.
The Jamaica Education Initiative will include a sponsorship programme for students sitting the Caribbean Examination Council (CXC) exams, computer donations, early literacy and mentoring programmes, a teachers' loan programme, Keycard scholarships and grants, as well as an OMNI education savings programme.
Speaking yesterday at a press conference to announce the initiative, Michael Lee-Chin, NCB's chairman, disclosed that the bank would be sponsoring two Caribbean Examination Council (CXC) exams from next year. This sponsorship will complement the Government's commitment to fund four CXC exams and would be available to all Jamaican students sitting Principles of Business and Principles of Accounts. The Government is already undertaking the funding of English, Mathematics and Information Technology as well as one elective science subject.
According to Mr. Lee-Chin, the programme which forms a part of the new initiative, will require an NCB "investment" of about $15 million per year. The figure, which NCB has already committed to contribute, is based on past CXC enrolment statistics.
Highlighting the need to equip and train students in the use of technology, Mr. Lee-Chin disclosed that NCB has already had 650 computers refurbished and was having them distributed to schools throughout the island. This, he said, would be at another investment cost of $1.4 million. "The deployment of the computers does not end our commitment. As more computers and hardware are replaced in the bank, we intend to expand our donation programme," he added.
In addition, the NCB Foundation is to pump $85 million, during the next two years into early literacy and mentoring programmes for students. These programmes will entail, among other things, a "soon-to-be-unveiled early literacy reading initiative" as well as bringing "a series of locally and internationally acclaimed role models" to the island.
Maxine Henry-Wilson, Minister of Education, Youth and Culture, expressed appreciation for the mentoring plan. "We have grave concerns about the problematic behaviour of students. Mentoring should also be about prevention. We believe that, partnering with NCB, we must make a major thrust in that direction," she said.
Also part of the initiative will be a Teacher's Loan Programme, from which NCB will offer discounted loans to all full-time teachers, subject to normal application and credit-approval criteria. These loans will be available on new applications received up to December 31, 2003.
Outlining the plan for financing the initiative, Mr. Lee-Chin indicated that between May of this year and December 2005, NCB would contribute one per cent of purchases made on Keycards to charitable causes. Half of this amount will be allocated to education grants and scholarships.
