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SINGAPORE: After months of silence, the Economic Development Board (EDB) revealed on Monday that it has given the University of New South Wales Asia (UNSW Asia) S$15 million in loans and S$17.3 million in grants.
Parliament was told on Monday that the loan was disbursed for the building of the UNSW Changi campus and it could be recovered as it was backed by a bank guarantee.
As for the S$17.3 million in grants, it was given to help UNSW with start-up costs and negotiations were now underway for its return.
However, it was unclear how successful these negotiations would be.
Lim Wee Kiak, MP, Sembawang GRC, said: "All business plans must have contingency. Before the government gave out any funding, were these contingency plans evaluated and why were they not implemented?"
Lim Hng Kiang, Trade and Industry Minister, said: "Investors know their business better than the government. In this case, UNSW – as the investor and the operator – is in the best position to assess the viability of its business plan. (The) government's role is to facilitate and support investors in their decisions, not to second-guess or guide those decisions."
Mr Lim said EDB had tried to persuade UNSW Asia to stay and meet a set of interim targets by giving it an additional two years to decide if they want to develop the Changi campus, by offering not to claim back grants and loans that were given out and by offering, through discussions, the possibility of a new support package.
But the UNSW did not take up these offers.
Mr Lim said as UNSW failed to meet pre-agreed milestones, the public funds used would be recovered.
But even if the funds could be recovered, Members of Parliament were still concerned that Singapore's reputation as a global schoolhouse had been affected.
Mr Lim assured the House that this was not the case.
He also said Singapore would seriously consider it if another foreign private comprehensive university, like UNSW, were to express their interest in setting up a campus here.
- CNA/so
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