2 August 2007

Biz School receives $21 million gift from Lippo Group

NUS Business School can now move a step closer to being the best in Asia, with a boost of $21 million from Indonesia business conglomerate Lippo Group. This is the School's single largest gift from a private donor.

GIFT FOR EDUCATION: Dr Stephen Riady, President, Lippo Group of Companies, hands over the $21 million gift to Prof Shih Choon Fong (centre, right), President, NUS. They are flanked by Mr Chew Kheng Chuan (left), Vice President, Endowment & Institutional Development, and Prof Kulwant Singh, Vice-Dean (Graduate Studies), NUS Business School.

The gift attracts a dollar-for-dollar matching fund from the Singapore Government, bringing the total funding to $42 million. A total of $15 million will go into the development of its new flagship building at Kent Ridge campus, while $12 million will form an endowment fund for two distinguished professorships to attract world-class faculty. The remaining sum will go into the Business School’s Endowment Fund for various educational purposes.

Said Prof Christopher Earley, Dean, NUS Business School: “This gift is a milestone in the life of our School and we look forward to all the opportunities that it will create. The new building will enable our School to continue to facilitate an exceptional learning experience that is expected of a top ranked business school.”

Expressing the University’s appreciation, NUS President Prof Shih Choon Fong said: “NUS is honoured to be chosen as the beneficiary for this generous act of giving by the Lippo Group. This gift will take us a step closer to realising our aspiration to transform NUS from a good to a great university.”

MOCHTAR RIADY BUILDING: The iconic landmark will be the gateway to the entire Business School Complex when completed in 2009.

In recognition of the Lippo Group’s generous gift, NUS will name the new building the Mochtar Riady Building after Lippo Group’s founder and chairman. The two distinguished professorships will be named the Stephen Riady Distinguished Professorship and James Riady Distinguished Professorship, in honour of Dr Stephen Riady and Mr James Riady, President and Chief Executive Officer of Lippo Group of Companies respectively.

This is the second gift that Lippo Group has made in two weeks to support education. Just last week, SJI International announced that it received a $1 million gift for the school’s building fund. In the last 12 years, the conglomerate has helped to build hospitals and schools in Indonesia, including 16 universities. The Riady family hopes to build 1,000 schools in the country.

Dr Stephen Riady sees funding education as the key to solving the “widespread disparity in wealth, education and healthcare” in Asia, and hopes this cooperation with NUS will encourage more businessmen to come forward to contribute to education in Asia. “Education will give people the right kind of mindset, skills and values. It will empower the people,” he said.