Budget Speech

Launching Matching Grant Scheme

113.      We are committed to fostering the development of higher education to complement our transformation into a knowledge-based economy. Since 2003, the Government has launched four rounds of the Matching Grant Scheme (MGS) to help institutions tap more funding sources to support institutional development. Institutions have so far secured additional resources of about $10.8 billion, comprising $3.9 billion in government matching grants and $6.9 billion in private donations. The scheme has effectively promoted the development of the institutions and helped foster a philanthropic culture.

114.      In view of the success of the scheme, I propose to allocate $1 billion to launch the fifth MGS. For the first time, this will cover all 12 degree-awarding institutions so as to support the diversified development of higher education.

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