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Five billion dollars granted for Quality Education Fund

Following the Finance Committee's meeting today (Friday), the Secretary for Education and Manpower, Mr Joseph W P Wong said he was very pleased with the Finance Committee's approval of a grant of $5 billion to establish a Quality Education Fund (QEF) to promote quality and innovation in school education at all levels.

"The fund will provide a flexible and responsive funding mechanism to encourage bottom-up initiatives," he said.

Projects fundable under QEF would include school-based innovative projects/experiments; awards for outstanding performance of schools and teachers; promotion of extra-curricular activities and school-based training for school principals and teachers.

"The Government would shortly appoint a steering committee under the Education Commission to advise on policies and procedures governing the operation of QEF, and to consider applications for funding and review the effectiveness of funded projects," Mr Wong said.

Finance Committee has also approved the funding for setting up a support unit in the Education and Manpower Bureau to manage QEF and to provide secretariat support to the steering committee.

"The steering committee under the Education Commission will work out the operational details for the Quality Education Fund. I expect the first call for applications can be made early next year," Mr Wong said.

The Director of Education will be the trustee of QEF. The Director of Accounting Services will be appointed to handle the investment of the funds. An Investment Advisory Committee comprising the Chairman of the Steering Committee, the Secretary for Education and Manpower, Director of Education and the Director of Accounting Services, will be established to set policies for and to monitor the investment of the funds.

End/Friday, December 12, 1997