The Vice Chancellery of the University of the West Indies (UWI) reported on Friday that governments of the region are making arrangements to settle debt owing to the institution, estimated at around US$200 million, in cash and kind. Photo:timescaribbeanonline.com

The update follows the appointment in February of CARICOM’s lead head for human resource development, Dr Timothy Harris, the prime minister of St Kitts-Nevis, to resolve the debt owed amid UWI’s faltering finances.

Harris’ appointment itself came alongside a paper presented by UWI Chancellor Sir George Alleyne and Vice Chancellor Sir Hillary Beckles to CARICOM Heads of Government at their inter-sessional meeting held in Haiti in February.

The paper titled ‘Funding the University of the West Indies’ pointed to approximately US$200 million of bad debt racked up by member states, extending back 25 years, and urged its resolution through initiatives such as the swapping of debt for physical assets; using the value of receivable as collateral for a long-term funding arrangement; and using the partial sale of receivables to private financial institutions.

Beckles also asked that PM Harris draft a plan to facilitate a reduction of the debt owed to UWI, and help to find avenues to sustainably finance the university.