News > Commonwealth Bank Pledges $500,000 Donation
Commonwealth Bank Supports Future Leaders with $500,000 Donation Commonwealth Bank has pledged $500,000.00 to create the Commonwealth Bank Emerging Leaders Award Programme at The College of The Bahamas. This gift commitment will span a ten-year period and will be used to fund 40 student awards, valued at up to $12,000 each in total. College of The Bahamas President Janyne Hodder praised Commonwealth Bank for its commitment to The College. "We are elated with this critically needed support for our students. Commonwealth Bank has a long history of supporting our students directly and education more broadly. We are pleased they chose to make this substantial investment at The College for our students to receive the aid they need. The College believes that higher education should never be out of the reach of young Bahamians solely due to financial constraints. Commonwealth Bank is demonstrating that they too agree with us on this principle and we thank them," said President Hodder. The new award programme will fund students studying full time in any degree programme at The College. To be eligible for the Commonwealth Bank Emerging Leader Award of up to $4,000 a year for four years of study, students must be in good academic standing and demonstrate financial need. Funding from Commonwealth bank will provide $50,000 worth of financial aid at The College every year for the next 10 years. "At Commonwealth Bank we started off small, but our ambition was to achieve the equal heights at that time of the international banks built on the belief that things Bahamian can succeed. As we look around we can see the same philosophy at The College of The Bahamas, the dream, the university," explained Ian Jennings, Senior Vice President of Commonwealth Bank. "What better way is there for Commonwealth Bank to establish the foundation of community building and nation building than for us to be a part of the establishment of The University of The Bahamas, it's not here yet, but it is on the way." Minister of Education, The Honourable Desmond Bannister lauded Commonwealth Bank for its critical support. "I want to commend Commonwealth Bank for your outstanding commitment to education in our country by creating an emerging leader award. This provides an amazing opportunity for many young people," he said. "I also want to commend The College for your dynamic leadership in finding new ways to bring resources into this outstanding institution. Bahamians everywhere can feel proud of The College and understand that there is a place for them and they need not look elsewhere because they can receive the best education possible." Securing increased levels of support for financial aid for students is vital to The College's university mandate to foster national development. As the nation's publicly funded tertiary academic institution, The College must ensure that it continues to provide resources for a broader number of Bahamians to gain higher education. With approximately 1,000 new students entering The College each year, more and more resources are needed to help these new students realise their dreams of getting a college education. Commonwealth Bank has recognised that need with this outstanding donation. "There are so many bright, young Bahamians who simply do not have the funding to pursue higher education. There are so many current students at The College of The Bahamas who are financially forced to work long hours in order to afford their education. Commonwealth Bank's $500,000 dollar donation toward scholarships eases our troubles," said Antonio Butler, COBUS President.
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