The
UWI Regional Headquarters, Jamaica. Friday, March 13, 2020—On
March 10, regional finance leaders in the private sector went into
retreat with the leadership of The University of the West Indies (The
UWI), to discuss how best to bring the institution to market with
investment instruments. The meeting, which was held at its Cave Hill
Campus in Barbados, was a historic one for The UWI.

Convened
by Vice-Chancellor, Professor Sir Hilary Beckles, an Economic
Historian who has served on the regional board of Sagicor Financial
for many years, the gathering included Group President and Chief
Executive Officer of Sagicor Financial Corporation Limited, Dodridge
Miller; CEO of the Jamaica National Group, Earl Jarrett; former
Managing Director of National Commercial Bank Jamaica Limited,
Jeffrey Cobham as well as former Chairman of the NGC Group of
Companies and retired Group Chief Operating Officer of ANSA McAL,
Gerry Brooks.

The
group received a UWI strategy presentation from the Vice-Chancellor,
and a private sector investment road map into The UWI from its Pro
Vice-Chancellor for Industry-Academic Partnerships, Professor Denzil
Williams. In addition, The UWI’s five Campus Principals presented a
roster of projects being prepared for private investments using bonds
and Initial Public Offering (IPO) options.

Projects
discussed included real estate housing schemes, tourism teaching and
research facilities, an international for-profit medical school for
global students, a hotel and conferencing complex, sports stadia, a
sport injury and rehabilitation centre, science and technology spin
offs, and data management corporate services. These for-profit
initiatives will be developed and managed by UWI-owned companies,
operated by private sector managers.

The
UWI is seeking sustainable revenue streams from non-government
sources in order to sustain its growth and reputation as the number
one university in the Caribbean, ranked among the top 4% of the
world’s best. Currently, the governments of the region contribute
48% of The UWI’s total operational budget, down from 75% just 25
years ago. “Its future growth and modernisation will require access
to the private investment option,” the Vice-Chancellor noted.

Strategic
growth and development call for investments in modern for-profit
facilities that will generate net incomes to support future
capitalization. The group considered the relative merits of debt and
equity financing, and looked at the short-term capital injection and
long-term sustainability options. The idea of a dedicated UWI Alumni
bond was also considered.

Vice-Chancellor
Beckles concluded that, “A select strategy committee, guided by The
UWI’s
Schools of Business, will begin the task of preparing the institution
for investment readiness and carving the path to the private market.”
The first venture is likely to be rolled out during the summer, with
others coming on stream for 2021/2022.