Róbert Wessman, CEO of Icelandic pharmaceutical company Actavis, personally contributed ISK 1 billion (USD 15 million, EUR 11 million) to the Reykjavík University Development Fund, partially as capital share, which was founded yesterday.
Reykjavík University (RU) is offering individuals and companies the chance to finance the development of its projects and facilities by contributing to the fund and aims to raise about ISK 2 billion (USD 31 million, EUR 22 million) in total, ruv.is reports.
According to a statement from RU, the Development Fund will help the university become one of leading educational institutions in Europe.
Wessman said in order to reach that goal, RU needed access to funds. “I believe RU has demonstrated with its initiative and ambition that it is a university that wants to succeed.” Morgunbladid reports.
Minister of Education Thorgerdur Katrín Gunnarsdóttir has recently been requesting financing from the private sector to support Iceland’s universities. “It is limited how much funding the state can put into universities without increasing taxes.”
After the increase in capital share in RU yesterday, the Iceland Chamber of Commerce held a 51 percent share in the university, the Federation of Icelandic Industries and the Confederation of Icelandic Employers a five percent share and new shareholders 44 percent in total.