The University of the West Indies [UWI] is in high gear despite COVID-19 to expand its growth horizon by taking its celebrated global academic brand to the private market. After five years of intensifying and centering the importance of academic-industry partnerships in order to drive institutional and regional economic growth, it is preparing to test equity and debt options with bankable projects.
In a recent report to The UWI Council, Vice-Chancellor Professor Sir Hilary Beckles and the five Campus Principals outlined a private sector engagement roadmap including a roster of projects to be offered for private investment including bonds and Initial Public Offerings. He told the Council that “corporate bonding is the new financial frontier as we plan to take The UWI to market”.
Among the proposed projects are an offshore international medical school targeting global students, a hotel and conferencing complex and sports stadia—All for-profit initiatives to be developed and managed by The UWI-owned companies, operated by private sector managers.
Sir Hilary commended the Government of Trinidad and Tobago for making available to the university, the state-of-the-art Debe campus for The UWI Global School of Medicine and Couva Medical and Multi-Training Facility Limited (CMMFL) to house the modern, innovative and IT-driven Schools of Optometry, Pharmacy and Nursing, which will be primarily focused on the recruitment of international students. He also pointed to plans for the establishment in Jamaica, of an international School of Nursing to produce thousands of nurses for export.
Noting that currently the governments of the region contribute 48 per cent of The UWI’s total operational budget, down from 75 per cent just 25 years ago, Sir Hilary said that “the university’s future growth and modernisation will require private investment in modern, for-profit facilities that will generate net income to support future capitalisation”.
The Vice-Chancellor and Campus Principals have established a Corporate Investment Unit, comprising finance and capital market specialists, to provide market intelligence in respect of the feasibility of projects, and to assist with the preparation of business plans.
The UWI Vice-Chancellor said that the university is well-positioned at this time to attract corporate partnerships. Pointing to its standing as the number 1 ranked university in the Caribbean and the top 4 per cent of 28,000 universities globally, he said “We have been successful in building the global reputation of the university, now we can convert that reputation to revenue and that will be our focus for the next two years, capitalising our teaching, learning and researching facilities into income generating streams”. “Corporate bonding is the new financial frontier for The University of the West Indies”, Sir Hilary asserted.
In addition to fulfilling its core business of education and conducting research in service to the region, The UWI is now pursuing a third major goal—innovation and entrepreneurship—as part of its overall developmental agenda. Each of The UWI’s five campuses has begun establishing facilities and services in support of this focus. This special report highlights the initiatives underway as the university vigorously pursues this exciting programme of becoming more entrepreneurial. As a developmental university, The UWI is determined to disrupt the historical constructs that have disadvantaged Caribbean economies. Entrepreneurship holds the promise to increase diversification, strengthen resilience, and enhance financial inclusion opportunities for the more than six million people across the 17 English-speaking Caribbean countries served by The UWI.
Never before have universities been so central to the global agenda of sustainable development and particularly the science behind an urgent response to climate change. Addressing climate change has long been a priority for The UWI and over its seven decades of existence, this priority has resulted in a number of initiatives with global impact. The UWI is also now recognised by the International Association of Universities (IAU) as the global leader in the mobilisation of research and advocacy for a climate smart world. This special report features the university’s research, teaching, advocacy, sustainable practices, and regional and international partnerships as part of its work in support of the climate action agenda.
Over the past few months, The UWI has been working intimately with regional governments in shaping public health policy and anti-COVID-19 strategies.
To read more on the Vice-Chancellor’s Report to Council and the special reports visit www.uwi.edu/vcreport
