NATIONAL Commercial Bank (NCB) yesterday announced a $150-million education initiative, which include the bank, from next year, paying the fees for Jamaican students writing Principles of Accounts and Principles of Business in the Caribbean Examination Council’s (CXC) secondary examinations.

Apart from the $15 million a year to be spent on the exam fees, the initiative, unveiled by the bank’s principal and chairman, Michael Lee Chin, will also include:

* an $85-million fund to finance early literacy programmes, mentoring schemes, book exchanges and other education-related projects; and

* $47.5 million in scholarships and grants — cash that will represent half of an estimated $95 million to be raised by diverting about one per cent of the earnings from its Keycard credit cards to charities.

These projects are projected to get off the ground for the start of the new school year in September, but the NCB boss said that details were yet to be finalised with the education minister, Maxine Henry-Wilson. They would run, in the first instance, until the end of 2005.

Lee Chin, at a press conference at the bank’s Trafalgar Road headquarters, described the initiative as “part of NCB’s ongoing commitment to re-invest in Jamaica”.

“This comprehensive programme represents the first of a series of steps NCB will be taking to advance the educational agenda in Jamaica,” Lee Chin said. “From scholarships to innovative products, card programmes and early literacy efforts, the Jamaica Education Initiative is designed to assist in the establishment of a blueprint for success.”

Henry-Wilson fully embraced NCB’s plan and particularly welcomed the planned mentoring programmes, especially those that will engage boys.

“We have grave concerns about the problematic behaviour of our students,” she said. “Many have no role models and we have to work on that. Our boys are in more need than ever before.”

Lee Chin sees the decision by his bank to finance the two business-based subjects for Jamaican students at the CXC level as complementary to the Government’s decision, from this year, to pay the cost for four subjects — English, Math, Information Technology and one science subject. This was promised by Prime Minister P J Patterson during the campaign for last October’s general election.

“But four subjects is the threshold, because you can’t get into a reasonable university with only four subjects,” Lee Chin explained. “There are a lot of students who are very bright and who could handle more than four subjects intellectually, but they are constrained financial. So now students will be able to take six subjects — four paid for by the Government and two by NCB.”

Lee Chin, a Jamaican-born Canadian billionaire, owns NCB through his Toronto-based fund management company, AIC, which last year paid J$6.03 billion for the Government’s 75 per cent stake in the bank, which was one of those rescued by Finsac during the financial sector meltdown of the mid-1990s.

Lee Chin, who is building a formidable reputation for his philanthropy, last month donated Can$30 million to help finance the renovation and expansion of Canada’s largest museum — the Royal Ontario.

He has pledged to reinvest all profits from NCB into the Jamaican economy and started with the J$600-million purchase earlier this year of the Mutual Life Twin Towers on Oxford Road, Kingston, which were in the portfolio of Finsac, the debt resolution agency that the Government used to shore-up derelict banks and insurance companies.

But Lee Chin has consistently stressed that education was the critical area of need in Jamaica and had signalled that this would be his particular area of focus here.

Yesterday, he said that the money for the scholarships and grants — $47.5 million — will be directly linked to how NCB’s customers use their Keycards.

“For every dollar spent using Keycard, NCB will contribute one per cent to the education initiative,” Lee-Chin said. “Based on current Keycard use, we expect the programme to generate a fund exceeding $95 million towards charitable costs.”

Banks earn an estimated two per cent from the value of purchases when credit cards are used for the transactions.

Some the programmes in the NCB education initiative:

Early Literacy — still to be fleshed out, but will include public service announcements/advertisements highlighting the importance of early literacy.

Role Model — NCB and AIC will bring to Jamaica well-known people to share their experiences which should help to serve as a blueprint for educational success.

Book Exchange — NCB/AIC will work with Jamaican and foreign contacts to develop book donation/exchange progammes to benefit schools and libraries.

Tutoring and Preparatory Courses — NCB Foundation to provide funding for the testing of preparatory programmes and skills development clinic for Jamaican children.

Loan Programme for Teachers — NCB, up to December 31, 2003, will offer discounted loans to full-time teachers subject to normal application and credit approval criteria.

Computers — NCB is committed to donating 650 personal computers with Microsoft Office to schools and charitable organisations. Computers replaced by the bank will be donated to institutions.