$15m fund set up for aerospace education
Published:Thursday | December 9, 2010 | 12:00 AM
An aerospace education fund has been set up to provide assistance for Jamaicans interested in pursuing studies in that and related fields.
The initial start-up of the $15-million revolving fund will take the format of a student loan at an interest rate of five per cent per annum.
It will offer three-and-half-year financing, with a six-month moratorium after graduation. Students will then have five years to repay the loan.
Y.P. Seaton, chairman of the Jamaica Civil Aviation Authority (JCAA), said professionals in the field earn decent wages and, therefore, the repayment period was reasonable. The JCAA will provide the capital for the funding.
Minister of Transport and Works Michael Henry announced the Aerospace Education Development Fund programme at JCAA's International Civil Aviation Day luncheon at the Terra Nova All Suite Hotel on Tuesday.
Henry said there was a great need for professionals in the field. He noted that last year there were some 180 graduates, who were now all employed to overseas companies. He said the Govern-ment decided to develop the aviation field because there were many opportunities for young people.
Henry said Jamaica currently has to send its aeroplanes to Singapore and Europe for repairs.
"Eventually, Jamaica can turn out the best aviation mechanics in the world. Other countries can send their aircraft here to be repaired," the minister told The Gleaner.
Lieutenant Colonel Oscar Derby, director general of the JCAA, said the new programme "will stimulate interest among our young people.
"We anticipate that these plans will secure the future of the local industry."
Derby said the JCAA expects to start receiving loan application this week, as the demand among students in the field is great.