$5.75 million given to U. for Africa scholarship
George Miller
Issue date: 1/25/08 Section: Campus News
A new endowment will increase financial aid for students from sub-Saharan Africa and will help them financially for two years after graduation if they pledge to return to work in Africa, President Ruth Simmons and Israeli businessman Idan Ofer P'12 announced Thursday.
The "Advancing Africa Scholarship Fund" was announced in Davos, Switzerland, where both Simmons and Ofer are currently attending the World Economic Forum. The scholarship requires students to sign a pledge to return home for at least two years after receiving their degrees - an effort to "build capacity" in the continent, Simmons told The Herald.
Ofer's gift of $5.75 million will fund $250,000 a year in scholarships for undergraduate students starting with the 2008-2009 academic year. The endowment will grow over time due to returns on investment, Simmons said, allowing the University to fund more students in the future.
The establishment of the fund marks an important milestone in Brown's efforts to attract international students. Until recently, Simmons said, it was hard to attract students from Africa. Even with financial aid, those students would have difficulty paying off loans or fulfilling the parent contribution. International students have long complained about a lack of economic diversity among their peers at Brown, something Simmons called "a valid concern." The endowment came as good news after years of "agonizing" over financial aid for international students, Simmons said.
Ofer is chairman of the board of the holding company Israel Corporation and the shipping company ZIM Integrated Shipping Services, Ltd. The businessman, whose daughter will attend Brown this fall, approached Simmons about scholarships for African students in the summer of 2007, when they first met at a dinner in Israel, she said.
"He said almost immediately, 'I want to do something for Africa,' " Simmons said. The signing of the gift agreement last night marked the end of a months-long process, though, during which the University and Ofer hashed out a deal, she said.
Students applying for the scholarship will be admitted through the normal admissions process, Simmons said, a requirement of any gift to the University. The scholarship includes funds for two return trips, to keep students in contact with their homes and a monthly stipend for the two years students must live in Africa after their graduation.
"Sub-Saharan African nations face poverty, illiteracy, illness and other significant obstacles to economic and social development," Ofer said in a press release Thursday. "Enabling students to be educated at one of the best universities in the world will give them the tools to help their nation."
Ofer could not be reached for comment last night.
The "Advancing Africa Scholarship Fund" was announced in Davos, Switzerland, where both Simmons and Ofer are currently attending the World Economic Forum. The scholarship requires students to sign a pledge to return home for at least two years after receiving their degrees - an effort to "build capacity" in the continent, Simmons told The Herald.
Ofer's gift of $5.75 million will fund $250,000 a year in scholarships for undergraduate students starting with the 2008-2009 academic year. The endowment will grow over time due to returns on investment, Simmons said, allowing the University to fund more students in the future.
The establishment of the fund marks an important milestone in Brown's efforts to attract international students. Until recently, Simmons said, it was hard to attract students from Africa. Even with financial aid, those students would have difficulty paying off loans or fulfilling the parent contribution. International students have long complained about a lack of economic diversity among their peers at Brown, something Simmons called "a valid concern." The endowment came as good news after years of "agonizing" over financial aid for international students, Simmons said.
Ofer is chairman of the board of the holding company Israel Corporation and the shipping company ZIM Integrated Shipping Services, Ltd. The businessman, whose daughter will attend Brown this fall, approached Simmons about scholarships for African students in the summer of 2007, when they first met at a dinner in Israel, she said.
"He said almost immediately, 'I want to do something for Africa,' " Simmons said. The signing of the gift agreement last night marked the end of a months-long process, though, during which the University and Ofer hashed out a deal, she said.
Students applying for the scholarship will be admitted through the normal admissions process, Simmons said, a requirement of any gift to the University. The scholarship includes funds for two return trips, to keep students in contact with their homes and a monthly stipend for the two years students must live in Africa after their graduation.
"Sub-Saharan African nations face poverty, illiteracy, illness and other significant obstacles to economic and social development," Ofer said in a press release Thursday. "Enabling students to be educated at one of the best universities in the world will give them the tools to help their nation."
Ofer could not be reached for comment last night.