NCB answers UWI's appeal for partnership
NATIONAL Commercial Bank (NCB) yesterday signed a partnership with the University of the West Indies (UWI) worth just under US$1 million to fund a chair and research on corporate renewal and transformation.
The bank said it made the decision after reading an appeal by the university for partnerships published in the Jamaica Observer on Wednesday.
The appeal was issued by UWI Principal Professor Archibald McDonald at this week's Observer Monday Exchange.
"We need partners to fund our research and maybe, even more importantly, we need partners to convert some of the research into commercial activities," Professor McDonald said in the run-up to Research Days 2014, which started on Wednesday and end today.
Yesterday, NCB said it considered the partnership to be essential in generating new knowledge to guide Jamaican firms on how to develop dynamic capabilities and strategies for profitable growth.
"This partnership will see NCB providing nearly US$1 million applied in the following two phases and will include, but is not limited to, the following elements:
* Phase 1: From January 2014 to December 2016, at a budgeted cost of US$503,000, and delivery of two technical papers, a seminar and a short executive-level course for NCB Jamaica; and
* Phase 2: A sponsored chair, with a budget of US$405,000, will engage in a variety of scholarly activities to advance knowledge in the area, including the publication of scholarly academic papers, which will also be distilled for consumption by the public.
During yesterday's signing at the UWI Mona Campus, Professor McDonald thanked NCB for having the confidence in the university to invest in the project.
"The planned technical papers will generate new knowledge to guide not only NCB but all Jamaican and Caribbean firms on how to develop dynamic capabilities and strategies for profitable growth in the current environment," McDonald said.
"It will also provide new information for strengthening the Jamaican and Caribbean private sector for sustainable economic growth. An important aspect of this work will be the Caribbean-wide dissemination of the work, and we at UWI Mona are well placed to ensure that this takes place," he said, adding that the chair "will ensure continuity after the technical papers have been delivered".