The Caribbean Educational Credit Foundation (FUCECA) was launched on Friday, April 26, to meet the need for low-cost educational credit. Thanks to this initiative, more than 4,000 young Dominicans will be able to study emerging careers in the first year.
The president of FUCECA, José Alejandro Aybar M, stated that for more than seven years he has been presenting proposals for the creation of facilities for students with limited financial resources. He indicated that he was motivated to make these proposals by the great need of some students who lack resources and request assistance to complete their studies.
He also commented that it was created as a contribution to the country, as it should not be solely an effort by the Dominican government, which offers scholarships to 10,000 students per year. Aybar highlighted the positive changes in the national scholarship process under the administration of President Luis Abinader, offering equal opportunities to Dominicans based solely on academic merit, regardless of connections, place of origin, or political affiliation.
Aybar discussed the collaboration that UNICARIBE has provided over the years. In the Armed Forces and the National Police alone, we support more than 6,500 men and women, covering part of their study costs with an investment of over 50 million pesos. He also pointed out that the institution offers scholarships that cover 100% of the costs for people with any type of disability and facilities for a large number of people with limited financial resources. It was necessary to find a mechanism to support more people. The president of the UNICARIBE Council and Chancellor thanked President Luis Abinader for his presence and his great interest in education in the country. “Mr. President, may God continue to guide you so that you can continue building the country we dream of,” Aybar said emotionally.
For his part, the Minister of Higher Education, Science, and Technology, Franklin García Fermín, stated that the creation of this foundation is in line with the spirit and letter of Decree 551-21 dated September 15, 2021, which creates the National Scholarship and Educational Support Credit System, issued by President Abinader. It also represents a solid commitment to equitable access to higher education and the comprehensive development of young people by offering flexible and accessible educational loans. García Fermín said that, by issuing this decree, President Abinader demonstrated his intention and interest in coordinating, managing, and promoting the qualification of Dominican professionals and students through financial support that guarantees equal opportunities and educational inclusion, overcoming any type of discrimination that acts as a barrier to access to comprehensive training for citizens interested in pursuing higher education.
Meanwhile, FUCECA Executive Director Jorge Besosa explained that initially, the foundation will focus on providing credit facilities and administering scholarship funds as a partnership to cover the cost of tuition at UNICARIBE. Over time, new sources of scholarships and loans will be sought to expand the inventory of products and services to include covering the costs of study equipment and trips abroad for exchange programs.
He explained that each credit facility will have a very competitive interest rate of 8% per annum in Dominican pesos and that students will receive a line of credit for which they will only have to pay the interest accrued on their debt each month. Once they graduate, they will pay the accumulated principal balance in fixed monthly installments, as agreed.
He also indicated that they will seek to help fund scientific research developments and some special programs, including Artificial Intelligence Technology.
