SINGAPORE: Singapore's Economic Development Board (EDB) has disbursed about S$17 million in loans and grants to Tisch School of the Arts Asia since it opened here in 2007.
Minister for Trade and Industry Lim Hng Kiang revealed this in a written reply to a question in Parliament by Non-Constituency Member of Parliament, Lina Chiam.
Ms Chiam had asked the Ministry of Trade and Industry for an explanation into the failed venture of EDB-funded education projects such as Tisch Asia, and how much public money the EDB has spent on this and other failed education projects such as the University of New South Wales Asia.
Mr Lim said the EDB's role is to facilitate and support projects where there are benefits to Singapore, and that it provided Tisch Asia with a level of support that was commensurate with the anticipated benefits of having the school in Singapore.
However, it stopped all support after it realised that the Asian campus of the New York-based art school was facing financial difficulties. It is now in discussions with New York University, which set up Tisch Asia, on details of the loan repayment.
Mr Lim assured that there would be minimal disruption to current Tisch Asia's students, and that the school would remain open until 2015, when all existing students have graduated.