US$600 million fund urgently needed for universities to help drive economic diversification in the Caribbean — UWI Vice-Chancellor

US$600 million fund urgently needed for universities to help drive economic diversification in the Caribbean — UWI Vice-Chancellor

Saturday, October 17, 2020

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KINGSTON, Jamaica — Vice-Chancellor of The University of the West Indies (UWI), Professor Sir Hilary Beckles has proposed to establish a US$600-million multi-donor trust fund to prevent systemic decline in the region’s higher education and research sector as part of emergency investment in the Caribbean region.

He issued his call during a landmark meeting convened by the university on Wednesday, a development partner forum organised jointly with the United Nations Economic Commission for Latin America (ECLAC). Its theme was “Investing in Higher Education to Build More Diversified and Resilient Post-COVID Economies”.

Beckles said the fund will make it possible to undertake urgent regional projects that would provide widespread access to higher education, advance path-breaking research and innovation, promote much-needed digital transformation, develop technical and vocational skills to support a range of industries and undertake education reform and policy harmonisation from early childhood through to university.

He emphasised that the Caribbean region has been woefully underfunded for education and development projects since independence, in spite of centuries of wealth extraction by developed countries. As a result, he said the contemporary higher education sector is unfit for purpose with systemic challenges that need to be addressed at all education levels.

In spite of over seven decades of government support for education and The UWI’s dedicated efforts, which have led to the regional university’s ranking among the top four per cent of universities globally by Times Higher Education, the current constraints of the highly-indebted Caribbean countries and the projected economic contraction of close to eight per cent in 2020, now pose an existential threat to the higher education sector in the Caribbean, unless a fund to support human capital development is urgently established, the vice chancellor explained.

He was addressing over 100 participants, including prime ministers, ministers of education, ministers of finance, other government officials, diplomatic missions and representatives from United Nations agencies and development banks.

Beckles stressed that the severity of these challenges, which come at a time when countries need to draw on research and innovation to build knowledge economies and propel the region’s economic diversification agenda. He explained that the Caribbean’s vulnerability to climate change, chronic diseases and exogenous shocks is being exacerbated as a result of the COVID-19 pandemic and the resulting funding crisis for higher education and research is a burning issue that must be red flagged as part of the region’s emergency response to the pandemic.

Vice-Chancellor Beckles further called upon the private sector to invest in research, development and innovation projects that could help boost economic diversification and international competitiveness. He urged development partners to help mobilise resources for the multi-donor trust fund for human capital development in the Caribbean, challenging them to an initial capitalisation level of US$600 million.

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