The government of Puerto Rico has issued a request for qualifications (RFQ) for independent firms interested in providing administration and investment services for a new scholarship fund for University of Puerto Rico (UPR) students, as established by the institution's Fiscal Plan.
The RFQ is the result of extensive negotiations between the Fiscal Agency and Financial Advisory Authority and the Financial Oversight and Management Board, aimed at identifying revenue sources from the Puerto Rico government’s General Fund to provide scholarships for UPR students, both at the undergraduate and post-graduate levels.
The scholarship fund ranges from $35 million to $50 million per fiscal year through fiscal year 2022-2023, for a total of $214 million estimated during those five years, as elaborated in the university’s Fiscal Plan.
The FOMB welcomed the latest development. “We welcome the Request for Qualifications that the Fiscal Agency and Financial Advisory Authority issued today for the management and administration of the University of Puerto Rico’s scholarship fund. Once a third party is selected to manage the fund of $200 million (until 2024), we will oversee that no student with financial needs will be left out,” the board said in a statement.
“The funds for this scholarship fund have been budgeted in the Commonwealth’s budget since fiscal year 2019 and there is no reason for the delay in implementing it. The FOMB’s support and commitment for these scholarships is unquestionable and reaffirm our position to work together with [the Authority] through this process,” the entity added.