The FINANCIAL — Due to a memorandum signed between the Development and Reforms Foundation (DRF) and BasisBank, about 90 undergraduate and postgraduate students will be provided with grant funding.
“BasisBank has provided financial support for students for several years. For this purpose we’ve got a special educational fund which collaborates with other universities and organizations. That’s why we were exclusively allowed to finance about 100 students who won a scientific study project and are therefore going to graduate from universities abroad,” declared Zurab Tsikhistavi, the Director of Basisbank.
“With the support of our educational program the students will have the opportunity to go to some of the world’s leading universities to further their knowledge, these including: Harvard, Oxford, and Columbia universities. Following their qualifications and educational skills we will finance their studies abroad,” Giorgi Pataridze, Executive Director of DRF, public law legal entity under the President of Georgia, told The FINANCIAL.
On July 9, BasisBank signed a cooperation memorandum with DRF. Zurab Tsikhistavi, BasisBank Director General, and Giorgi Pataridze, Executive Director of the foundation, jointly signed the memorandum.
The tradition of investing money in the education of the young generation started in 2005 and the amount of money already invested is more than USD 6 million.
“In 2005 and 2006 we financed master’s degrees’ educational programs abroad to the amount of USD 2 million, the same quantity was spent in 2007 and this year the number has increased to 2 million 200 thousand,” Pataridze added.
In his words, students must have a language certificate and invitation from the university. The second step is an interview with members of the judging board. This entrance process lasts 10 days, or two weeks maximum. From 2005 to 2008 about 300 students participated in this project.
The Development and Reforms Foundation is financing the students to the amount of USD 10,000 to 50,000. This is from 70 to 100% of their study fees. BasisBank will finance the remaining part of the course through a 9% loan.
“BasisBank offered the best conditions for student loans. The loans can be issued for up to 10 years, and the students will pay no interest rate for the first three years. The students after having returned to their homeland must work for about 2 years in the public sector though,” said Pataridze.
Besides such profitable conditions for students, BasisBank also does charity; financing students’ studying programs, providing allowances, sponsoring different student conferences and competitions.
BasisBank also actively works with the program Tsodnis Kari which is based on an initiative of the Georgian government. The bank supports the citizens of Georgia in getting loans at low percent rates for getting educations abroad.
Discussion about this post