UG gets $100M from GGMC

The University of Guyana (UG) is being provided with $100M from the Guyana Geology and Mines Commission (GGMC) to improve its Faculty of Technology and other areas, which provide training linked to the emerging oil and gas sector.

The venture was cemented with the signing of a Memorandum of Understanding (MoU) on Monday, October 23 between Minister of Natural Resources, Raphael Trotman and Vice Chancellor of the University, Professor Ivelaw Griffith.

Minister Trotman pointed to the importance of investing in Education and noted that the MoU renews the cooperation between the two bodies as the oil sector emerges. However, he said research is also needed in the gold and diamond mining sectors as they will not be neglected post-2020 when oil production begins.

The Minister handed over the first tranche of $45M. Commissioner of the GGMC, Newell Dennison said the Commission shares a long-standing relationship with the UG during which it has been giving the necessary support.

Of the $100M, $55M will go towards equipment and supplies for the laboratories of the Faculty of Technology, $15M will go towards scholarship and training, $16M for the improvements to classroom and teaching facilities, $7M to support the School for Entrepreneurship and Business Programme [emphasis on the Natural Resources Sector] and $7M to support research, curriculum review and development processes.