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UVI Board Authorizes President to Secure Loan for UVI School of Medicine

In executive session of a special meeting of the University of the Virgin Islands Board of Trustees held on Aug. 29, the Board approved a resolution authorizing UVI President David Hall to execute a contract with FirstBank Puerto Rico, to secure a loan of $30 million to establish an endowment for the UVI School of Medicine. Of this, $20 million will be used to establish the endowment and $10 million is for the school’s operation. Establishing the loan is subject to the approval of the Foundation for the University of the Virgin Islands, regarding certain aspects of the assets to be used as collateral. More information is available in a news release on the Media Section of the UVI website - http://www.uvi.edu – and from this direct link.