By KHRISNA VIRGIL

Tribune Staff Reporter

kvirgil@tribunemedia.net

THE Christie administration yesterday moved a $16.1m resolution that is expected to cover 70 per cent of the $23.2m in costs to cover the first phase of the College of the Bahamas’ transition to university status.

The government will fund the remaining 30 per cent of the process which totals $7,020,000, State Minister for Finance Michael Halkitis told parliamentarians yesterday.

The loan will be funded by the Caribbean Development Bank.

Mr Halkitis said the interest rate on the agreement stands at 4.1 per cent. It is payable in 48 quarterly instalments or 12 years, he said.

There is a five-year grace period before the payments begin. 

The multi-million dollar investment into COB will cover external works for the business centre valued at $800,000, furniture and equipment for residence halls totalling $364,000, IT upgrades at $490,000 and technical assistance and design for $1.5m.

Land acquisition for expansion is expected to cost taxpayers $1.8m.

Mr Halkitis did not outline what the government was expected to spend on various consultants, developmental upgrades and training.

However, Deputy FNM Leader Loretta Butler-Turner, in her contribution to the resolution, questioned why the government had not made its intention to borrow an additional $16m public when it presented the 2014/2015 budget earlier this year. She accused the government of a “lack of transparency” in that regard.

Education Minister Jerome Fitzgerald explained that the government’s borrowing of $16,180,000 was an important piece of the puzzle.

“In keeping with this government’s national policy directive,” Mr Fitzgerald said, “COB is in a process of transition to university status, and is scheduled to achieve university status before the end of 2015.

“The college has identified a number of priority areas for development, including the rehabilitation and expansion of its facilities. COB also engaged consultants to prepare a facility master plan, and the space needs of the college have been informed by the findings of that exercise.”

He added: “This loan comprises five components; the project’s main focus is enhancing the capacity of COB to provide quality tertiary education. This is being pursued through enhancing its capacity for tertiary education provision, improving the governance and management system, improved service delivery and technical and technical assistance. These components support the transformation of COB for wider reach of its programmes and improved quality and responsiveness to labour market needs.”

Mr Fitzgerald said officials expect to enhance the learning environment through the expansion and upgrading of the physical facilities of COB, including security and energy efficiency. 

It includes design and construction of a residence hall to accommodate approximately 100 students and a business centre. The centre will house six classrooms, a student lounge; a faculty lounge with a kitchenette; a computer lab; conference room; six faculty offices; two offices for the chairman and his secretary among other things.

Landscaping, including external furniture along with drainage works will be included. 

COB presently offers certificates, diplomas, undergraduate and graduate degrees to an estimated 5,300 students.