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UGC welcomes Budget proposal for the Fifth Matching Grant Scheme

The Chairman of the University Grants Committee (UGC), The Hon. Mrs. Laura M. Cha, today (Feb 24) warmly welcomed the Financial Secretary's proposal in the 2010-11 Budget to allocate $1 billion to launch the Fifth Matching Grant Scheme.

Mrs. Cha said, "The UGC warmly welcomes this initiative by the Financial Secretary. We believe this latest round of the Scheme will not only help sustain institutions' momentum in securing private donations but also continue to help them tap more funding sources to support their development, and the development of higher education to complement our transformation into a knowledge-based economy. Furthermore, this round will continue to help build up the philanthropic culture of the community, as the scheme will for the first time cover all 12 local degree-awarding institutions. In addition to the eight UGC-funded institutions, the four other local degree awarding institutions, namely the Open University of Hong Kong, the Shue Yan University, the Hong Kong Academy for Performing Arts and Chu Hai College will be eligible for matching under the Scheme. This shows the Government's continued commitment to investing in education, and developing Hong Kong as a regional education hub."

Mrs. Cha said that the UGC would soon work out the package of principles and matching rules of the Fifth Round for submission to the Finance Committee of the Legislative Council, and would look forward to another successful round of the worthwhile initiative with generous support from the community.

UGC Secretariat
24 February 2010