Commonwealth Brewery Limited (CBL) yesterday donated $500,000 to The College of The Bahamas (COB), for a scholarship program that would pay the tuition of two students each year, allow them to participate in an internship with the study abroad program and guarantee them an entry level job with the brewery.

“Scholarships such as this one are a critical part of higher education and its impact, not only on the education of its recipient, but also their lives and that of their families,” said Dr. Rodney Smith, president of The College of The Bahamas.

“It is our hope that other companies will follow your stellar leadership with similar endowed scholarships.

“This generous and significant donation strategically complements and supports other vital steps on our journey to university [status].”

Last year, the government borrowed $16.18 million from the Caribbean Development Bank for the college’s transition to university status.

The college was expected to transition by July 2015.

Smith said the college is still aiming to meet its transition deadline of this year.

“At this point in time, I can’t give you an exact month yet. I think that has to be determined by the government in terms of what is the charter day,” said Smith.

COB Vice President of Advancement Davinia Blair, outlined the inclusive package of the Commonwealth Brewery Ltd. Endowed Educational Fund and Scholarship Award Program. She explained that the award is a merit scholarship with the qualification being a 3.0 grade point average for any degree of the student’s choosing.

It will include two full scholarships at $7,500 a year and year-round internships with CBL, where scholarship recipients will be able to have consistent mentorship from the leaders and employees at CBL and will be able to study and intern abroad in their third year.

CBL Chairman Julian Francis dubbed yesterday's announcement as the first day of what CBL expects to be "a long and meaningful relationship" with the college — explaining the endowment is just another way for the company to give back to the community.

“We at CBL view the [CBL] Endowment Fund as a show of commitment to the building of our country,” said Francis.

“We recognize that, for our company to grow, we must grow as a people and as a nation.

“And what better way to make a national contribution than through the country’s premier tertiary institution?”