Human Resource Knowledge and Arts Development Fund (HRKADF)
Following the 2008/09 budget speech whereby the Minister of Finance, and Economic Empowerment announced that “no one should be turned away from Tertiary Education through lack of Funds”, the HRKADF was established by regulation made under Section 24 of the Finance and Audit Act.
The objects of the Fund relevant to Tertiary Education are the financing of:
- Physical infrastructure for post-secondary education, such as buildings, equipment and various facilities; and
- Student loan scheme and scholarships including a full scholarship for students attending or admitted in courses at post-secondary institutions in Mauritius with household income not exceeding Rs 10,000 per month and who face severe hardship following the death or serious incapacity of a wage earner.
In relation to the above, the Finance Division of the TEC undertakes the following activities:
- Establishment of the Scholarship Scheme;
- Establishment of the Government Guaranteed Student Loan Scheme. This involved discussions with stakeholders such as the Mauritius Banker’s Association;
- Preparation of the Strategic Plan of the HRKADF. This relates mainly to the capital projects for the Tertiary Education Sector. All TEIs are covered in the strategic plan as the HRKADF is the main source of funds for capital projects for the sector;
- Examination of applications for Scholarship and Government Guarantee under the 2 schemes of the Fund;
- Making recommendations to the HRKADF for award of Scholarship and Government Guarantee on Student Loans through the Sub-Committee on Tertiary Education being chaired by the Executive Director, TEC;
- Provision of Secretariat services to the Main Committee of the Fund and to its Sub-Committee on Tertiary Education.
The Human Resource Knowledge and Arts Development (HR KADF) Fund website