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Businesses Come Together for the Future of Klaipėda University: the KU Future Support Fund has been Founded

The Klaipėda University Future Support Fund has been founded and will officially start after the completion of the registration procedure. The founders of the Fund set an ambitious goal: to make it an endowment fund in the next couple of years.

Nine business entities operating in Klaipėda Region became the founders and shareholders of the Klaipėda University Future Support Fund: AB Western Shipyard, AB Limarko laivininkystės kompanija, AB Linas Agro Group, UAB Klaipėda Free Economic Zone Management Company, UAB Vėjo projektai, UAB Security Service Argus, UAB Garant, UAB Lighthouse Asset Management, and UAB Benko servisas. Their contributions formed the initial capital of the Fund, amounting to 90,000 Eur.

In an online procedure of signing the agreement for the establishing of a fund, signing the foundation agreement, a Board of five persons and an auditor were elected for a three-year term. Vytautas Lygnugaris,  businessman and Director General of AB Limarko laivininkystės kompanija AB, was elected Chairman of the Board of the Fund. Vytautas Adomaitis, an experienced banker who recently left AB Swedbank, with the approval of the shareholders, has been appointed Director of the Fund.

The idea of ​​creating a civilised and globally approved instrument of business support for funding and promoting higher education in Klaipėda has been discussed by the academic and business community for several years. The initiators of the Fund were ready to start as early as in the autumn of the last year, however, the second wave of the pandemic adjusted those plans. “We are pleased that we have finally taken a big step forward by creating a clear and transparent mechanism for businesses to contribute to the development of higher education in the region. This is another opportunity for business and science to consolidate forces and financial and intellectual resources to solve topical problems of the region,” said prof. dr. Artūras Razbadauskas, Rector of KU.

The Fund will seek to strengthen business and research cooperation, the implementation of new ideas and services, and the transfer of knowledge; to support the development of relevant scientific innovations and technology, the pooling of expertise and the strengthening of the infrastructure needed for the development of innovative technology and services in the maritime energy, port and shipping activities, biotechnology, and other sectors of the blue economy; to develop and support new study programmes and trainings relevant to business and the community, to support the University academies, the STEAM centre, university schools and other forms of teaching; to support projects and programmes of science, culture, education, art, environmental protection,  history, nature, architecture, and cultural heritage protection, perpetuation and restoration of cultural values ​​and other socially beneficial projects as well as other socially beneficial activities; to establish annual awards for students, academic staff, researchers, and other persons for the best implemented public and private projects that meet the objectives of the Fund; to establish scholarships for students, etc.

Vytautas Adomaitis, Director of the KU Future Support Fund, says that the expected sources of income of the Fund are various: contributions of both individuals and businesses, transfer of 2% of the personal income tax, and other fundraising mechanisms.