The University of Canterbury and the Minister for Tertiary Education, Skills and Employment, Hon Steven Joyce have agreed to vary the funding agreement for the University of Canterbury signed 15 September 2014.
The impact of this change is to vary the second payment of $100 million into two payments; the first payment for $85 million in early December 2015 and the second payment for $15 million, once a number of conditions have been met.
The Vice-Chancellor of the University of Canterbury, Dr Rod Carr, says the University Council does not consider the direct financial impact of this variation to be significant.
“We have had enormous support from the Government so far. We are grateful that the Government and the Minister Steven Joyce have been so proactive and helpful through our substantial campus transformation programme,” University Chancellor Dr John Wood says.
The University of Canterbury is spending a significant sum on the revamp of a wide range of facilities on campus over the next three years, following settlement of its insurance claim and support from the Government for up to $260 million for two major programmes of work in science and engineering.
The University of Canterbury, Lincoln University and the Christchurch Polytechnic Institute of Technology (CPIT) will receive a total of $191.2 million in 2012.
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