Photo shows University Rector Professor Juanito Camilleri receiving the signed donation agreement from Central Bank Governor Professor Josef Bonnici. From left: FEMA Dean Professor Joseph Falzon, Anthony J Tabone, Winston Zahra and Bernie Mizzi.

The University of Malta, through the newly set up Research, Innovation and Development Trust (RIDT), will be receiving a donation of €108,000 from the Central Bank of Malta to establish a Chair in Economics at the University. The post which will be named the Central Bank of Malta’s Chair in Economics, will be instituted as from October 2012 within the University’s Faculty of Economics, Management and Accountancy (FEMA), for four years and may be renewed thereafter.

The Rector of the University of Malta Professor Juanito Camilleri and the Governor of the Central Bank of Malta Professor Josef Bonnici signed the four-year agreement while Anthony J. Tabone and Winston V. Zahra signed the agreement on behalf of the RIDT. The donation presentation was held at the Valletta campus.

Professor Josef Bonnici said: “Just as the Central Bank of Malta endeavours to sustain financial stability and provide independent advice on economic policy, we should also contribute to improve further the quality of the human resources provided by our academic institutions. The University of Malta, through this Chair in Economics will continue to contribute towards our country’s development by preparing specialised human resources in the economics’ field, which are currently in high demand. The Central Bank of Malta is proud to associate itself with the University of Malta and its Research Trust with the aim of enhancing the level of academic preparation and research activity in the field of economics.’’

The Central Bank of Maltawill be donating an annual endowment of €27,000 for four years, starting 1^st October 2012. This will be held and administered by RIDT.

The Trust was established at the University Of Malta with an initial capital of €500,000 invested by the Malta Government. Its role is twofold: to seek opportunities to expand and promote high calibre research in a broad spectrum of disciplines, and to attract funds from both private individuals and corporate bodies. This is in keeping with the ‘3^rd generation University’ role, whereby academics also make a direct contribution to industry, civil society, the economy and the community at large.

This donation by the Central Bank of Malta the first to be given to the Trust by a public institution. The money will go towards the strengthening of the Department of Economics. This initiative will enable the Faculty to engage three foreign professors of Economics of recognised standing and distinguished scholarship, every year, for four years. They will be lecturing fourth year students registered for the Honours course and students registered for the Master of Arts in Economics.

 Professor Juanito Camilleri said that the University very much appreciates the donation from the Central Bank of Malta. “This prestigious Chair in Economics is a timely initiative for the Faculty to expand its course offerings and to further improve its academic excellence, while encouraging further research, innovation and development. The donation to support the engagement of Economics professors from other universities will enhance students’ experience in the Bachelor and Master of Arts programmes,” he said.

 “Generating funds towards RIDT is the best way to sustain a stable financial foundation for the future of research and innovation at University. The partnership with other public and private institutions will allow our University to further avail of academic knowledge and experience to generate innovative concepts and ideas, evolve best practices, and create a competitive advantage for the benefit of our students, researchers and academics. In this regard, the Central Bank ofMalta is not only supporting theUniversity ofMalta, but an important public concept for the economic future ofMalta,” said the University Rector.

For more information, one may contact RIDT CEO at wilfred.kenely@ridt.org.mt